DBN pivotal catalyst in economy
Development bank celebrates 20 years
The Development Bank of Namibia has embarked on a five-year strategy which will unlock more entrepreneurial opportunities and create new opportunities for growth.
The Development Bank of Namibia (DBN) has disbursed N$20.38 billion in loans since its inception two decades ago, which resulted in more the creation of more than 115 000 jobs.“The DBN has emerged as a contributor to our government’s vision for development, uplifting Namibian businesses by giving financial assistance to our entrepreneurs at grassroots level and helping our bigger players expand in regional and international markets,” said the executive director of the ministry of finance, Titus Ndove, at the 20th anniversary celebrations of the bank on Monday night.
DBN chairperson Sarel van Zyl said the DBN has pivotal role in supporting entrepreneurs, businesses and initiatives that drive economic progress and social upliftment. “From infrastructure projects that connect our nation to renewable energy ventures that safeguard our environment, each investment has contributed to the greater good of our society,” he added.
Dr John Steytler, who was appointed as DBN CEO last year, paid homage to founding CEO David Nujoma and his predecessor Martin Inkumbi, saying they left “some big shoes to fill”.
“They created the foundation upon which our team at DBN is building; they envisioned a better future for Namibia, dared to dream big, and worked tirelessly to turn those dreams into reality,” Steytler added.
Strategy
“Namibia is in a critical socio-economic phase that can bring positive change through enduring growth, but this growth needs to be stimulated from the ground up,” Steytler said.
The DBN has crafted a five-year strategy to map the way forward. Four core strategic pillars will define its approach to sustainable growth and impact: financial sustainability, people and culture, developmental effectiveness, as well as market positioning.
A solid financial foundation to ensure the DBN’s long-term viability and ability to fulfil its mission is crucial, Steytler said. “Through prudent financial management, risk mitigation strategies and diversification of revenue streams, we have strengthened our resilience and remained steadfast in fulfilling our commitments to stakeholders,” he elaborated.
Developmental effectiveness is central to the DBN’s mission as a development finance institution.
“We measure our success not only by financial metrics, but also by our impact on society. Our investments are strategically aligned with national development priorities, promoting economic empowerment, job creation and social inclusion,” Steytler said.
Opportunities
The DBN’s values of accountability, integrity, service excellence and being transformative will continue to guide the bank in its endeavours, Steytler said. “They are the compass that steers us in the right direction, especially in times of challenge and uncertainty.”
The financial institution is engaged in “thought-provoking and valuable discussions” with internal and external stakeholders and partners, he said.
Embracing innovation and harnessing the power of digital technology will be critical to the DBN’s success, Steytler stressed. The bank will leverage digital platforms, data analytics and emerging technologies to enhance efficiency, reach more entrepreneurs and create new opportunities for growth.
“The journey ahead is filled with opportunities and challenges alike,” Steytler said.
“Our focus must be on leveraging these opportunities while addressing the evolving needs of our society. We must embrace innovation, harness technology, and adopt sustainable practices to ensure that our development efforts are not only impactful but also resilient and future-proof,” he added.