FNB NAMIBIA: Namibia’s Best Pioneers Sustainable Transformation

Operating throughout Africa, FNB is universally recognised as one of the most respected and most powerful brands on the continent, making available the best financial services in line with international standards. Not limited to financial services, but across all of society, this powerhouse helps drive economic development, financial inclusion, innovation, and improvement of lives.

As the oldest bank in South Africa, FNB’s roots stretch back to Grahamstown in 1838 when the Eastern Province Bank was formed to serve the local people. More than 180 years later and FNB – now owned by FirstRand Bank and servicing clients across all of Sub-Saharan Africa and beyond – is doing all it can to bring modern, efficient services to customers everywhere through a seamless and smooth strategy. 

“With our broad-based Namibian shareholding, our comprehensive range of financial products and services, our deep understanding of the local financial environment and our countrywide network of branches and agencies, we provide a fully integrated package of financial solutions to every Namibian – and to every corner of our beautiful land,” the institution opens.

EMBRACING DIGITISATION AND TRANSFORMATION

The past two decades have seen banks and financial institutions take up and disseminate digital solutions like almost no other industry. Internet banking, app-based operations, video conferencing, self-serve desks, transformational security systems, mobile money, and much more have helped banks to further integrate into everyday life and exponentially increase banking power and access. FNB has been one of the most forward in its adoption of technology, offering clients in both business and personal categories industry-leading innovative services.  

In Namibia, FNB enjoys the largest physical presence of any bank in the country, with delivery channels including 27 branches, 17 agencies, 85 full-service ATMs and 110 mini ATMs, a comprehensive national network for all Namibians markedly improving access to banking products.  Now, the company has launched a digital hub at its head office in Windhoek, which offers all FNB’s digital platforms and integrates new world-class technologies to heighten and streamline the customer experience in a safe and convenient one-stop space.

According to Rodney Forbes, executive officer for points of presence, “the launch of the Digital Hub is consistent with our digital platform journey, which is geared to provide personalised help and solutions across all our channels. A major part of our strategy is to provide reliable, trusted and customer-centric channels to help our customers manage their money.” The Digital Hub extends free wi-fi, access to online banking and a step-by-step guide for customers requiring assistance with any of the FNB digital channels in beautifully futuristic environs. 

“We are excited to roll out the latest in digital innovation to enhance our customer experience even further,” Forbes enthused. “This new and fresh concept embraces the efficiencies of our digital platform journey, and we are excited to consistently provide a superior experience to all our customers.” Digitisation is completely transforming the African banking sector, and developments such as this are vital to surmounting the various barriers historically hindering the speed of that transformation.

“Some hindrances to banks accelerating their adoption of digital include regulation, the price of mobile phones, the high cost of internet access in most parts of Africa, digital illiteracy and fear of the unknown,” noted, the African Digital Banking Transformation Report 2022, compiled by engagement banking platform Backbase in collaboration with African Banker magazine accessible, making comprehensible facilities like FNB Namibia’s hub invaluable to the seamless implementation of what is a monumental metamorphosis.  

“FNB Namibia, recognised for providing customers with an innovative, contextual and agile banking experience, invests a lot of time and resources in understanding what customers require from us, and we are diligent in ensuring that we deliver to their needs,” summarises this most forward-thinking of groups.

SUSTAINABLE FUTURE FOR BEST BANK

Globally, the market for green bonds – fixed-income instruments specifically earmarked to raise money for climate and environmental projects – has grown exponentially, and by at least 15% in 2021. But the African market contributes only 0.4%, and FNB Namibia argues vehemently that it is currently under-utilised in Africa, given its ability to propel a just transition while driving national sustainability commitments.

It is taking hold in Namibia now, however, with April bringing the country’s second transaction as Rand Merchant Bank (RMB) was tasked with arranging FNB Namibia’s inaugural green bond issuance, to raise funds on the capital market to finance green projects in Namibia resulting in N$353 million ($24.3 million) in three- and five-year bonds.

“This inaugural green bond issuance shows that we are at the forefront and committed to unlocking sustainable finance opportunities that benefit our clients, communities, and environment at large,” Selma Kapeng, FirstRand Namibia Group Treasurer, asserted. 

“Further, through the adoption of the group’s sustainability bond framework, our approach supports transparent, comparable disclosures in the context of environmental, social and corporate governance issues.”

In the context of unprecedented economic stress, which has had a profound and far-reaching impact on the economy, across the board in March at the release of annual results the recurring theme was a resounding return to profitability. Many had witnessed their operations and books ripped apart by Covid-19, while 2021 marked the year that Africa’s biggest players returned to near normalcy as the easing of pandemic restrictions and increased access to vaccines fuelled an economic resurgence.

Crowned Namibia’s best bank for the third consecutive year, and these accomplishments translated to a bumper crop of highlights and a sea of upward arrows in FNB Namibia’s own results. Pre-provision profit stood at N$997 million and headline earnings were N$618 million, up 5% and 11% respectively on the preceding year, while return of equity, dividend per share and marker capitalisation all witnessed significant increases.

“Our response to the Covid-19 pandemic was determined by our customer-centricity which remained in the forefront,” FNB Namibia condensed. “We could achieve this because of improved collaboration with our stakeholders and the continuous digital investment that resulted in encompassing benefits. We also created a durable drive to support our strategic plans, with a good delivery against all the FirstRand Promises – be deeply invested, value our differences, build trust not territory, have courage, stay curious and always do the right thing.”

“The group is proud to see how our business is standing strong in our purpose of being a trusted partner helping to create a better world. We help by keeping businesses open, people in their homes, distributing relief efforts, keeping our doors open and our systems operational to enable customers to continue trading.”