Since 2010, Kongalend through KREFT, a Special Purpose Vehicle established in partnership with the Government Institutions Pension Fund (GIPF) has successfully financed 17,304 loans, to the value of N$205.7 million to customers across all 14 regions of Namibia.
Our Group Power loan, which is extended to members of community-based micro-enterprise groups took up the lion’s share of N$73.9 million (representing 36%) taken up by 12,866 customers, all of whom run micro-businesses, creating jobs for others and generating income for themselves and their families.
Second in place with 33% is our SMME Power loan that has been taken up by 1,830 people running small and medium enterprises to the value of N$68.8 million. Our SMME customers are engaged in a variety of productive ventures ranging from brickmaking and hair salons to food processing and motor repairs. Their businesses not only generate income but provide valuable services to the communities they serve.
Namibia has one of the world’s highest levels of solar radiation. Its geographical make-up and sparse population result in many communities not being connected to the national grid and thus not enjoying the simple benefits that access to energy bring. In the third place with 23% of funding cost to the tune of N$48.2 million is our Solar Power loan that has provided a solution to 1,316 households eager to invest in solar home systems to light up their homes and solar water pumps for farming purposes.
Our Lima Power loan has, to date, assisted 36 smallholder farmers with funding to the tune of N$8 million to acquire conservation agriculture appropriate machinery, equipment and inputs they need to provide tillage services to their respective communities to make an impactful contribution to household food security for their families and communities.
Of the N$205.7 million loans financed over the last ten years, 62% amounting to N$128 million were taken up by women micro-entrepreneurs or women headed households. Our level of engagement with grassroots communities has made Kongalend a household name and a true financial service provider of choice.