Staff Writer
THE Development Bank of Namibia (DBN) has launched a national promotional campaign to promote understanding of tailor-made products for young entrepreneurs and small business owners in Namibia.
DBN’s Chief of Marketing and Corporate Affairs, Jerome Mutumba, Jerome Mutumba in a statement said the initiative forms part of the bank’s broader mandate to develop the national economy by financing sustainable enterprises and help reduce youth unemployment.
“It is worrisome that, despite Namibia’s high youth unemployment and our efforts to develop solutions tailored for young people, the uptake remains low. We expect to change the undesirable status quo,” he said.
DBN currently offers Skills-Based Finance facilities to qualifying young artisans and young professionals, aged 35 and under.
“We aim to make access to youth finance more inclusive.That means meeting the youth where they are, breaking down barriers to entry, and working closely with stakeholders to amplify our reach,” Mutumba added.
Skills-Based Finance forms part of the Bank’s broader SME financing portfolio; however, it is designed specifically for youth and features significantly reduced requirements, making it more accessible to aspiring entrepreneurs, artisans, and skilled workers seeking capital to start or grow their businesses.
Over the past financial year, DBN approved N$74.6 million in total under SME funding, of which only N$170,000 was allocated to skills-based finance.
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