By Staff Reporter
WINDHOEK, Aug. 10 — In an era that seeks to drive small and medium-sized enterprises (SMEs) to the forefront of economic recovery, a transformative partnership between Nedbank Namibia and the Namibia Investment Promotion and Development Board (NIPDB) is poised to supercharge this vital sector. Through their sponsorship of the High Potential Pool initiative, Nedbank Namibia is showcasing its unwavering commitment to fostering SME development in the country.
According to Sam Ikela, Head of Small and Medium Enterprises (SMEs) at Nedbank Namibia, the bank firmly believes that integrating SMEs into the mainstream economy is essential for the nation’s economic recovery.
This corporate ethos is demonstrated by the bank’s robust support for SMEs, offering loans ranging from N$50,000 to N$10 million. This support is further amplified through their sponsorship of the NIPDB’s High Potential Pool, an innovative program under the Know2Grow umbrella. This program aims to accelerate the growth trajectory of promising, export-ready micro and small businesses through international business linkages, trade missions, international trade fairs, coaching and mentoring, product testing, product certification and licensing, and business model and process improvement as needed.
Qualifying members of the High Potential Pool receive an invaluable package of opportunities for a period of 36 months. Nedbank has pledged a generous sponsorship of N$100,000 to the High Potential Pool, which will be officially handed over at a highly anticipated ceremony on August 10, 2023.
By tapping into international markets and leveraging global connections, these businesses can truly realize their growth potential. Nedbank’s interest in sectors such as green hydrogen also provides strong support and guidance for MSMEs looking to contribute to the green energy transition.
“Through the High Potential Pool, the NIPDB aims to create a pool of MSMEs that are future-focused, resilient, and integral to driving Namibia’s economy forward,” stated Dino Ballotti, Executive Director for MSME Development, Innovation, and Acceleration at the NIPDB.
The ambitious target of the NIPDB is to empower 3,000 MSMEs by the end of this year. This collaboration with Nedbank plays a crucial role in that vision, offering entrepreneurs the tools to grow their businesses and extend their influence across the MSME sector.
Currently, the High Potential Pool comprises approximately 60 MSMEs from across the country, representing various sectors including cosmetology, food processing, and manufacturing, among others.
More than 20 export-ready MSMEs have already benefited from this initiative by being selected to participate in international events related to investment promotion, such as the Annual Investment Meeting held in Abu Dhabi in May of this year, and the Africa’s Big 7 exhibition held in Johannesburg in June. Additionally, a group of 12 MSMEs have been selected to participate in the Intra-Africa Trade Fair’s Creative Africa Nexus (CANEX) scheduled for November 2023 in Cairo.
“With this financial investment from Nedbank Namibia, we will be able to increase the membership of the High Potential Pool, and thus assist more businesses in growing; as they expand their operations, they will in turn be able to create more jobs for Namibia, making economic prosperity a reality for our people,” said Ballotti.
“We invite all qualifying MSMEs to sign up for the High Potential Pool. This opportunity, presented by NIPDB and backed by Nedbank, is a golden ticket to expanding your business,” urges Ikela.
In a landscape where SMEs are becoming pivotal components of the national economy, Nedbank Namibia’s strategic alignment with initiatives like Know2Grow ensures they stand as a steadfast ally for SMEs. As Nedbank continues to shape the future narrative of SME growth in Namibia, it remains dedicated to building a prosperous, SME-driven economy. This partnership with NIPDB, combined with the insightful leadership of Ikela, signals a bright future for the SME landscape in Namibia.
