President Mbumba Urges Banks to Prioritize Development and SME Support

President Nangolo Mbumba has called on commercial banks to shift their focus from profit-driven motives to actively contributing to Namibia’s development. Speaking to bank executives in Windhoek, Mbumba highlighted the need for banks to support small and medium-sized enterprises by easing collateral requirements and adopting equity-type funding mechanisms. He stressed the importance of banks becoming development partners, promoting social inclusion, and utilizing innovative banking tools like mobile banking. The meeting also addressed public concerns about high interest rates and excessive bank charges.