Since 2010, Kongalend through KREFT, a Special Purpose Vehicle established in partnership with the Government Institutions Pension Fund (GIPF) has successfully financed 19,000 loans, to the value of N$220 million to entrepreneurs 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$90.2 million (representing 41%) taken up by 15,514 customers, all of whom run micro-businesses, creating jobs for others and generating income for themselves and their families.
Second in place with 32% is our SMME Power loan that has been taken up by 1,926 people running small and medium enterprises to the value of N$70.8 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 their respective communities.
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 22% of loans funded to the tune of N$49.2 million is our Solar Power loan that has provided a solution to 1,340 households eager to invest in solar home systems to light up their homes and solar water pump installations for farming purposes.
Our Lima Power loan has, to date, assisted 46 smallholder farmers with funding to the tune of N$8.9 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$220 million loans financed over the last ten years, 63% amounting to N$138 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 to economically challenged women and low income communities.