By Staff Writer
Bank Windhoek yesterday launched a new range of banking products namely AgriBank, AgriCheque and AgriSelect during a media breakfast at a golf club.
At the media launch Bank Windhoek further announced new applicants between May 22 and September 30 for the newly introduced loans stand a chance to win a 2008 Toyota Hilux, 2.5 diesel 4×4 bakkie with accessories in a draw set for October 10.
During the event the Managing Director of Bank Windhoek James Hill said agriculture is a key sector that contributes tremendously towards the growth of Namibia’s economy.
Bank Windhoek is committed to promoting and enhancing agriculture through various smart partnerships and through a new range of products tailored to meet farmers’ needs, said Hill.
“Whether you are a full-time professional farmer or a professional with part-time farming interests, these new products are packaged to meet the specific needs of any agricultural activity irrespective of size, income or type,” said the managing director.
Understanding the fact that there are many types of farming as there are challenges to farming and being able to meet the needs of the farming community is one of the advantages of being a truly Namibian bank, Hill told the media at yesterday’s function.
“I would like to make use of this opportunity to compliment our product development team who have worked extensively during the past 12 months on developing, testing and today launching these products,” said the banking executive.
“Be assured that Bank Windhoek remains committed to continuously finding innovative solutions to meet the financial needs of our diverse base,” said the MD.
With its new agricultural products the bank intends to put Namibian farmers in full control of their business finance, proving once again that ‘Together we do better,” concluded Hill.
The bank hopes the initiative will help all farmers to become successful “which will benefit the economy in the long run, ensuring an increase in food production”.
The ceiling for AgriSave which is a low-cost transaction account created with bias to communal farmers and part-time small commercial farmers with minimum income of N$6 000 and a maximum of N$72 000, is N$10 000 that should be repaid within a 12-month period.
AgriSave is based on a very successful low-cost account EasySave and the fact that the bank realized that the market is segmented according to the banking needs of its clients.
The bank had realized that many full-time employed people have part-time farming activities and that many are farmers with a low income from farming activities, and it had wanted to create a low-cost account that is affordable and accessible for this segment of farmers.
On amounts to be loaned out to farmers with a minimum annual income of N$500 000 this will largely be commensurate with their income.