Bank Windhoek enters digital chat

Bank Windhoek announced a rollout of new digital tools and financial support aimed at boosting the country's small and medium-sized enterprises (SMEs).

Bank Windhoek said the initiative would combine upgraded e-commerce capabilities with traditional lending to help local businesses scale up in a challenging economic climate.

Speaking at a business launch in Windhoek on Friday, MD James Chapman said that companies embracing digital innovation would be better positioned to expand.

"The future of commerce will be digital," Chapman said, adding that SMEs remain the backbone of Namibia's economy.

Collateral support

Access to finance is often cited as a primary barrier to growth for small businesses across southern Africa.

To address this, the bank confirmed it is partnering with the National Special Risks Insurance Association (NASRIA) on a credit guarantee scheme. The initiative aims to help businesses that lack traditional collateral to secure funding, including overdrafts, business credit cards, and trade finance.

Over the past year, the lender has expanded its digital services to include features such as WhatsApp banking and mobile point-of-sale terminals (EasyPOS).

Security concerns

However, Chapman cautioned that technology alone was not a silver bullet for business success, pointing to the growing need for robust cybersecurity.

"Businesses also need the assurance that their transactions are secure [and] that they can scale sustainably," he said.

The bank said it is working with global payments giant Visa to secure local and international transactions.

Alongside the digital push, the bank announced an employee financial wellness programme aimed at workers within the SME sector, alongside a dedicated telephone advisory service for small business owners.