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NEW: Corny Zaaruka urges strategic overhaul of SME support

Corny Zaaruka, Head of Trade, Corporate and Investment Banking at Standard Bank Namibia, is urging a shift in how the country supports small and medium-sized enterprises, arguing that access to finance alone is not enough to help SMEs seize emerging economic opportunities.

In a detailed assessment of Namibia’s business landscape, Zaaruka points to expanding mining activity, growing interest in green hydrogen, rising infrastructure investment and Walvis Bay’s strengthening role as a strategic African trade gateway. While these developments are creating real commercial openings, he says thousands of SMEs remain locked out because many are not yet “bankable.”

“Access to finance and bankability are not the same thing,” Zaaruka explains. “A business may have a compelling product, an entrepreneurial owner and a genuine market opportunity, but still struggle to secure a major supply contract or enter an export market. Large buyers and trade partners require financial records, operational capability, compliance standards and the ability to manage commercial risk.”

Zaaruka describes the solution as the “Bankability Bridge” — a structured pathway that connects entrepreneurial ambition with meaningful participation in regional and global commerce. He outlines four interconnected pillars that he believes are essential.

The first is risk mitigation. Trade finance tools such as Letters of Credit, bank guarantees and structured risk solutions, he says, replace uncertainty with assurance and allow smaller firms to trade with unfamiliar counterparties, including across borders.

The second pillar is cash flow enablement. Many SMEs face funding gaps when they must purchase materials or fulfil orders before receiving payment. Well-structured trade finance aligned to actual business cycles, Zaaruka argues, gives entrepreneurs the working capital needed to scale without placing unsustainable pressure on their resources.

The third pillar is ecosystem integration. Rather than competing in isolation, SMEs grow more sustainably when deliberately linked into mining, energy, infrastructure and large corporate supply chains where commercial demand already exists and risk is lower.

The fourth pillar is capability development and advisory support. Zaaruka stresses that expertise in trade documentation, compliance, transaction structuring and market entry can be as valuable as capital itself.

ALSO READ: ABSA BANK RECORDS STRONG Q2 PERFORMANCE, REVENUE HITS SH29.3BN

This approach is already shaping Standard Bank Namibia’s work. Through the Standard Bank Blue Growth Series, delivered in partnership with the Namibia Investment and Finance Academy, the bank is investing in the skills that underpin long-term bankability. The programme has expanded for 2026 to support 80 micro, small and medium enterprises — double the size of the pilot cohort.

Beyond financial literacy, participants receive guidance on business modelling, investment readiness, compliance, market access and strategic growth planning. A dedicated track for informal enterprises helps entrepreneurs take steps toward formalisation and commercial readiness.

Demand has been strong. In the pilot year, 696 applicants competed for 40 places. Ontoko Foods, led by Jane Auala, emerged as the 2025 programme winner, illustrating what becomes possible when potential is matched with structured support, mentorship and market access.

Zaaruka emphasises that banks cannot build a more bankable SME sector alone. Policymakers must strengthen trade infrastructure and export pathways, corporates should open procurement opportunities and invest in supplier development, and development institutions need to align support with commercial realities.

“When these efforts converge, the benefits extend across the economy,” he says. “SMEs become stronger and more competitive. Corporates gain capable local partners. Financial institutions can support growth with greater confidence. Most importantly, Namibia develops a more inclusive and resilient economic ecosystem.”

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