Forum focuses on MSME finance accessibility
Windhoek is currently playing host to the third Annual African Union Micro, Small and Medium Enterprises (AU MSME) forum.The event welcomes entrepreneurs from 54 African countries and 300 delegates. Hosted with workshops, panel discussions, and fireside chats, the forum initiates insightful discussions and opportunities for entrepreneurs to engage with potential investors and partners while offering high-level networking opportunities.
Focusing on Namibia’s role in increasing Africa’s economic landscape, Bank Windhoek, a sponsor for the event, engaged with attending entrepreneurs and discussed the vital role banks play in making finances accessible for MSMEs.
Bank Windhoek’s Executive Officer for Business Banking, Leon Koch, joined other financial institution leaders for a panel discussion on Figuring out Finance for Africa’s SMEs and Navigating the Sources of Funding for African Entrepreneurs.
Koch said banks offer structured repayment terms, allowing entrepreneurs to plan better and budget their finances. “Banks are regulated and usually follow the traditional approach to fund businesses. Cultivating a relationship with a bank is key to establishing partnerships with SMEs for successful business,” he said.
‘Structure ideas’
Koch encouraged attendees to structure their business ideas and plans as best as possible and continue engaging the banks for positive financial outcomes.
During the forum’s opening, NIPDB’s chief executive Nangula Uaandja, said Africa’s potential is exciting. “The solutions to the challenges facing the world today are in Africa. If we can increase the exploration activities in Africa, you will be surprised to find that we have much more to contribute,” she said.
Attending MSME owners showcased their potential in different business sectors and presented their businesses during Chelete Cage, an initiative to empower businesses to overcome financing challenges by providing financial and non-financial support for entrepreneurs.
The pitch sessions further foster connections between African startups, MSMEs, and Business Support Organisations, enabling resource sharing, mentorship, and investment opportunities.
Bank Windhoek’s Head of Stakeholder Engagement, Corporate Social Responsibility and Sponsorships, Bronwyn Moody, said the bank remains committed to contributing to the country’s financial growth to increase Africa’s economic stance. “When MSMEs are empowered, they contribute to the economy by creating employment and initiating innovative ideas to grow within their industries,” she said.