Whybanksshoulddomorethanbanking

This article first appeared in Republikein on 29 July 2021

Why banks should do more than banking

Namibians have been tested on all fronts over the last two years. Employees working under constrained circumstances, rising unemployment, increasing poverty, and families and friends decimated by a pandemic that has affected us all. And still, Namibians pitch up, roll up their sleeves and get on with the business of helping others.

Mines delivering oxygen to hospitals, Hospitality companies opening vaccination centres, equal rights organisations making counselling services available, and banks and financial institutions, equipping hospitals and frontline hospital staff, funding transport for health supplies, and innovating on credit policies to assist customers to get the help they need for themselves and for their businesses.

“We are proud to be part of the incredible cooperation by big corporates, small and medium companies and individuals who have worked together and collaborated, to assist in numerous ways in these unprecedented times,” says Conrad Dempsey, CEO of FirstRand Namibia (FNB, RMB, Ashburton and WesBank). “We are honoured to be amongst so many like-minded Namibians who have all set aside their own interests and pulled together to assist government and the country as a whole.”

“FirstRand Namibia’s support to curb the pandemic started early in 2020 and while we all thought we needed two weeks to flatten the curve, we are now looking at two years and our thinking had to get a lot bigger to assist in stemming the latest devasting wave of Covid-19 infections and deaths.”

As a full-service financial institution, of course the group did everything it could to ensure that branches and its frontline workers and customers could remain safe by making certain digital banking channels more accessible (banking via countrywide retail stores as an example), affordable (cheaper on FNBApp than in branch), and always available 24/7, that’s a given. And the group also assisted customers with loans, helping to maintain working capital, cover losses and ensure sustainability of businesses and large corporates (RMB) wherever possible.

But the responsible business group also created the HOPE (Health Optimisation in a Pandemic Emergency) Fund last year through which N$10 million was made available to MOHSS to assist in the fight against COVID19 spread. This year FirstRand facilitated the Vaccines for Hope platform encouraging private sector to stand together in support of the MOHSS vaccination roll-out plan and administered more than N$12 million in funds into MOHSS support from a number of large corporates (amongst others, Hollard and NinetyOne N$5m each, Old Mutual N$1m, and FirstRand with an additional N$1m) into the Vaccines for Hope campaign. But not only funds were offered by the large group of stakeholders the CSI team of FirstRand brought together. Bed nights at far-flung lodges for vaccination teams, education campaigns from NGO’s, transport services for supplies and vaccination teams, and volunteer support countrywide helped to make things happen on the ground.

“The FirstRand HOPE Fund itself aided in repairing 52 Stiegmeyer beds at the Intermediate Katutura Hospital; sponsored N$810 000 worth of Personal Protection Equipment (PPE kits); a 100 units of Emergency Respirator/Oxygen Support Systems, and 15 Fever Screening Thermal Cameras valued at N$1.4 million. Most recently FirstRand’s HOPE Fund will be supporting UNAM with two 3D printing projects, aimed at creating oxygen delivery devices and oxygen concentrator prototypes.

“We also joined the NCCI in bringing oxygen into the country and united with our fellow banks through the Bankers Association of Namibia, by pledging an additional N$500 000 towards government’s efforts to conquer this pandemic.” To enhance the testing capabilities in our country, FirstRand Namibia also paid for the conversion of a container into a testing container for NIP at Walvis Bay.

“We believe that economic recovery can only take place if herd immunity with vaccinations is achieved. That is why our Executives committed to being vaccinated and are sharing their stories on social media. We have to get on top of this pandemic first, before we can start tackling other issues in this country again, such as housing, poverty alleviation and overall economic recovery. A responsible business is a people’s business first.”

With an increase of vaccination facilities within the country, FirstRand Namibia will be supporting the Gondwana-led drive-through vaccination facility at the Windhoek Show Grounds, as well as the OmniCare Trust and Lady Pohamba vaccination facilities, paying towards three months of operational costs to enable these service providers to help Namibians fight back.

“As a group we work from the basis that a mass vaccination campaign can meaningfully address the pandemic. There is a direct correlation between the outlook for economic recovery in countries that have managed to get on top of the pandemic and those who have not – meaning double digit recovery versus low single digit recovery.”

Dempsey notes that getting vaccinated and kickstarting the economy again was also dependent on morale and business confidence. “Living with the pandemic and in lockdowns for two years has been challenging and tough on our people’s psyche. The constant fear kills creativity and people’s ability to meaningfully contribute to the economy. It would be great to be able to go back to life, doing fun human things and enjoying life and the people around us. Helping to provide access to vaccinations and functioning health care facilities is at least as important as delivering supportive financial services.”

He conceded that getting the jab was an individual choice and FirstRand respected every one’s choice to make their own decision. “From stats released by the Ministry of health, 98% of people dying of Covid-19 were not vaccinated and while we agree that it is early days, there seems to be a strong correlation of staying out of ICU and being vaccinated. I only request fellow Namibians to make good personal and informed decisions and not base their stance on the many fake news items out there.”  

Dempsey thanked the many true heroes out there who were operating behind the scenes without acknowledgement and fanfare. “There are lots of smaller businesses and individuals who are hands-on in these crises’ times. They, to me, are the true heroes.” In conclusion he added that overcoming this pandemic was in the hands of each and every Namibian citizen. “Please make good decisions every day, get the correct information on which to base your educated decision. We are a small country and we need every Namibian to be healthy. Please take care of yourself, and if you can – someone else too.”

End

Contact:

Elzita Beukes l Group Communications Manager at FirstRand Namibia Limited l(+264 61) 299 2125 / Elzita.Beukes@fnbnamibia.com.na.