Letshego Namibia now extends soft loans to anyone who qualifies, unlike in the past, when the bank was heavily involved with government workers.
Speaking during the signing of a partnership agreement with Ongos Valley Group in Windhoek on Friday, Letshego chief executive officer Ester Kali said they were creating a multifaceted solution.
The Ongos Valley Group is developing a 28,000 mixed-used village that will include more than 20 schools, numerous malls and service stations, as well as institutions and businesses.
This village is located in the north-western corridor just 14 kilometres from Windhoek’s Central Business District, west of Nubuamis.
The area covers 1,743 hectares and will become a self-sustaining walkable city with schools, hospitals, institutions, businesses, malls and other supporting facilities.
Letshego’s involvement provides the Ongos Valley Group with muscles to help those within the low-income and middle-income group to own a house.
Kali said the partnership was not simply offering a home loan with the lowest interest but rather about understanding the local community’s demographics and unique needs.
“This is an all-in-one solution with land and customisable houses. Or provide capital to purchase materials from trustable suppliers to renovate existing homes or structures elsewhere.
“This partnership with Ongos Valley will provide all Namibians with an opportunity to build a home and have a better future. The cooperation will further help enhance our business and provide newer services, which Letshego seeks to address the challenges experienced by individuals in accessing funds,” Kali said.
Ongos Valley Group chairperson Reagan Craig said they would hand over more than 350 houses this year.
Craig said that in the next five years, the group would build 4 500 housing units.
“When we started this journey nine years ago to provide 28 000 housing units, we knew we needed people and organisation to join us as we could not do it alone,” Craig said, adding this was why Letshego had become a partner.
Craig further said Namibia had needed affordable housing for years, but aspiring homeowners had no access to finance.
“That is why we at Ongos devised means to offer rent to own as one of the solutions that elevate human dignity and decency in the pursuit of home ownership, and that is our philosophy. Therefore, we must solve this together as a nation by working together.