Martin Endjala
Namibia should embrace the fact that it is well-positioned to capitalise on the strengths of its Small and Medium Enterprise sector, given the immense contributions of SMEs to economies and societies worldwide.
The importance of such enterprises emphasises the power of Micro, Small and Medium-sized (MSMEs) and their transformational potential and the need for inclusive, sustainable support systems.
Bank Windhoek’s Head of SME, Financial and Data Analytics, Bianca Janse Van Vuuren made these remarks during the commemoration of MSMEs Day, which is commemorated on the 27th of June worldwide.
The United Nations General Assembly designated 27 June as MSMEs Enterprises Day to raise awareness of the tremendous contributions of Micro Small Medium-sized Enterprise to achieve the United Nations Sustainable Development Goals.
According to the United Nations MSMEs account for 90 percent of businesses, 60 to 70 percent of employment and 50 percent of Gross Domestic Products worldwide.
She said that there is a need to support Small and Medium Enterprises since they have the power and potential to unlock a brighter future filled with innovation, economic growth, and abundant opportunities for all Namibians.
Van Vuuren emphasised that SMEs drive the Namibian economy, contributing substantially to the GDP and providing employment for a significant portion of the workforce. With nearly 40 000 SMEs actively contributing to the national economy.
She argues that they play a pivotal role in shaping the country’s future and realising the government’s Vision 2030 Agenda, which aims to transform Namibia into a healthy, food secure and prosperous nation.
Despite facing various challenges, Van Vuuren is of the view that Namibian SMEs have proven their resilience and ability to innovate while remaining a vital source of new job opportunities.
“Their agility and close connection with local communities also make them a crucial platform for empowering women and the youth, resonating with the global theme for MSME Day 2023,” she said.
MSME Day serves as an essential beacon, highlighting the immense contributions of SMEs to economies and societies worldwide.
Meanwhile, the Bank of Windhoek continues to actively support the SME sector in line with Namibia’s National Development Agenda.
Its organisational purpose of being connectors of positive change is brought to life through various SME support and sponsorships.
It stems from the belief these opportunities bring about a positive outcome for the selected Small and Medium Enterprises and ultimately lead to the growth of their respective industries.
Bank Windhoek recently announced that it donated N$ 100 000 to the Namibia Investment Promotion and Development Board’s (NIPDB) Know to Grow High Potential Pool and so far, three Bank Windhoek SME customers were selected to participate in Africa’s Big 7 (AB7) Trade Exhibition in Johannesburg, South Africa.
The event allowed entrepreneurs to connect directly with buyers across Africa. It enables them to source products, develop new partnerships, and conclude export and import deals.
Since March 2023, Bank Windhoek has disbursed millions to support the Namibian Government’s Small-Medium Enterprise Economic Recovery Loan Scheme launched in February.
The SME Economic Recovery Loan Scheme is an initiative the Namibian Government introduced in partnership with several local banking institutions, including Bank Windhoek and the Bank of Namibia.
It aims to stimulate economic growth and job creation by providing additional funding to SME businesses to enable them to continue to pay their operational expenses and to retain and pay their employees, also referred to as working capital.
The bank has reaffirmed its commitment to continue to partner with, support and develop SMEs because they play a crucial role in the Namibian economy through value creation in various sectors and assisting in reducing unemployment.
