Following a decade of operations under the guidance of David Nuyoma, the Development Bank of Namibia (DBN) for the first time, with an acting Chief Executive Officer Martin Inkumbi has laid down a four year strategy to grow the bank’s loan book and improve its target market.
Inkumbi yesterday revealed the bank’s 2013 to 2017 path, “which sets out our goals for areas like loan book growth and target markets. Within that broad strategy, we have key aspects we’ll focus on each year. The most important thing in 2013 is to implement our new business processes within the framework of that overall strategy. We have looked at the way we do business and effected changes that will help us provide a better service to our clients.” Inkumbi said.
DBN will now introduce a new credit and investment policy as well as new management and board charters that inform the bank’s decision-making mandates and processes.
“Manufacturing creates jobs and Namibia has a comparative advantage in the tourism and services sectors. The country’s location also lends itself to it being a transport and logistics hub.” he said.
For a bank whose asset base has grown to N$1.6b in 2011, the departure of Nuyoma to head the Government Institutions Pension Fund (GIPF), will not negatively affect operations, Inkumbi assured the nation.
“We are directed by the business strategy and plan set by the board of directors. The executive management team, including the CEO, is there to steer the bank in this direction and not to determine the direction being taken. While factors relating to the way in which business is done can be influenced by individuals’ characters, the culture established and passed on, is embedded in the organisation. It therefore remains the same. Our tradition of transparency, accountability and integrity remains,” Inkumbi said.
According to Inkumbi, sustainability remains of critical importance to the DBN.
“Another, ongoing, priority for the Development Bank in 2013 will be to continue to be a development catalyst. We need to be at the forefront when it comes to taking financial credit risk. We would like to operate in a space where other financial institutions don’t, but do this within the context of responsible lending practice. As is the custom, we will continue to pool resources with other parties to bring about the greatest possible development impact. We know that, individually, we can simply not make a difference,” Inkumbi said.