NamPost Savings Bank has increased its banking clientele from 180 000 in 2006 to 400 000 by the end of 2012 amid growing calls by Government to improve financial inclusion for Namibians, their latest financial results show.
The savings bank which is arguably the most affordable banking institution in the country also recorded revenue inflows of N$369m which indicate a N$31m or 10% increase from the previous financial year.
Although the revenue keeps improving, the company recorded a 4% (N$52.3m) on its operating income for the whole business unit.
According to their latest financials, the depositors’ book increased by 39% in value supported by the number of retail investors that increased by 15% compared to 13% recorded the previous year.
NamPost also acknowledged that the improved growth for the company in all its subsidiaries is a clear indication that it’s diversified way of doing business and application of different strategies is paying off.
The number of smart card-holders within their clientele grew by 11% while transductions by the same smart cards increased by 6%.
"The Finscope survey indicated that 62% of adults are now bankable as opposed to 45% in 2007. NamPost Savings Bank was instrumental in the achievement of this growth.
“We are proud that through our extended network service levels and unique products, we have succeeded to make financial services available to Namibians.
“Our other efforts were also recognised by the Development Bank of Namibia (DBN) that awarded the NamPost Savings Bank with a sustainability award," the report noted.
According to NamPost, its revenue earnings also swelled up in the previous year from 14% in 2011 to 16% at current attributable to a combination of plans instituted to develop the business further.
"This growth was achieved through a combination of innovation, unity and team collaboration making 2012 one of the best years ever.
“Meanwhile, during the financial year a new operation model allowing for the profit sharing between departments was introduced.
“The model is expected to impact positively on business growth going forward. As part of the growth strategy, we put in place mechanisms that resulted in improved cash collection," the report noted.
NamPost also revealed that there is greater need for the organisation to continue creating avenues for the clientele to receive competitive improved services.
Going forward NamPost will be focusing on revenue growth through agency expansion, expansion of EMS parcel, postal boxes and footprint expansions, enhancement of operational effectiveness and efficiencies, risk management and developing human capital.
Amid its improving performances, the company also recorded a huge improvement on both domestic and international mails growing by 6% and 18%.
Commenting on the performance, the company’s chairperson Sebby Kankondi said NamPost has delivered solid results and there is need to continue consolidating in the future.
"NamPost intends to focus on delivering its mandate of providing postal services while gradually transforming it by positioning the post office to be a beneficial presence in Namibian communities by continued financial inclusion by leveraging the NamPost footprint," Kankondi said.