Magnet Bureau de Change winning DBN Award


The Development Bank of Namibia (DBN) has recognised Magnet bureau de Change as one of three businesses for what DBN's chief executive officer Martin Inkumbi termed as excellent business performance.

Held in Windhoek on Wednesday, the 4th annual DBN Good Business Awards 2015 had three categories of SME and Larger Enterprise categories of which both are DBN clients as well as the innovation category where the bank recognised most innovative businesses, which are not part of their clientele. The innovation category was launched this year.

According to Inkumbi, awarding excellent businesses is a way of recognising their work not only within their enterprise but in community development as well as job creation.

“Sometimes at the bank we cease to see the performance of the enterprises that we finance,” he said, adding that for this reason they came up with a team that consists of both DBN employees and external independent judges to identify such businesses.

The (Small and Medium Enterprise) SME category, which recognises businesses that got a DBN funding of anything between N$150 000 and N$5 million, walked away with N$60 000. Magnet Bureau de Change got this award. Two other SMEs got certificates as runners-up.

DBN chairperson Muetulamba Shingenge-Haipinge who congratulated the winners, said DBN has to put many things in place when shortlisting and selecting winners.

“Employment creation, broad ownership of previously disadvantaged persons, sustainability and business maturity are some of the things we look at,” Shingenge-Haipinge said, adding that all the enterprises they consider are the ones in line with NDP 4 and vision 2030's main focus sectors of manufacturing, tourism, logistics and infrastructure.

“These enterprises add value by using local products,” she further stated the awards ceremony, which was attended by the Chinese ambassador to Namibia, among other members of the diplomatic community, was addressed by deputy minister of public enterprises Engel Nawatiseb.

Source: The Namibian Newspaper 09th of October 2015

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