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MSME backbone of the economy – Iindji

MSME backbone of the economy – Iindji

Maria David

BY preserving livelihoods, particularly of the impoverished, women, young, and vulnerable groups, Micro, Small, and Medium-sized Enterprises (MSME) considerably contribute to the national economy.

This is according to First National Bank Head of Business Banking, Tomas Koneka Iindji during the Start-up Festival Program event organized by the Financial Literacy Initiative.

Iindji asserted that small enterprises require assistance now more than ever as they deal with the COVID-19 pandemics effects, the economy’s difficulties, and the climate catastrophe.

“They are the most severely affected by these various shocks, yet they are also vital to the economic revival of our country,” he said.

Iindji said this is the main reason for FNB Namibia’s eagerness to collaborate with the Ministry of Finance & Public Enterprises and the Bank of Namibia (BON) on the SME Economic Recovery Loan Program, which aims to boost economic growth by giving businesses more capital.

“We believe that this Scheme allows us to continue honouring our obligation to our customers while using our credit extension capabilities as a conduit for Government’s support of businesses,” he added.

In order to expand the Namibian economy and promote job creation, he said, the alliance will assist Namibia in taking decisive action in response to genuine economic recovery initiatives.

It will also give additional funds to qualified enterprises.

As an active FLI member, FNB Namibia contributes N$200 000 annually to help start-up businesses acquire the funding they need.

Iindji expressed his belief that FNB customers will make the most of this opportunity to expand their businesses, network with like-minded people, and attract potential investors.

More importantly, he said, he hopes that this event will encourage the next generation of startup owners to follow their dreams and contribute significantly to the economy of the country.

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