We are not going commercial - DBN sets record straight

January 31, 2018, 6:20pm

The Development Bank of Namibia (DBN) has set the record straight that it has no plans to transform into a commercial banking institution or fully take over the mandate of the now liquidated SME bank.

This comes after the bank published an expression of interest for the provision of a core-banking system which ignited speculation that the bank might be on a transformative phase.

In an exclusive engagement with this publication this week, the bank’s senior communications manager, Jerome Mutumba confirmed that the need for a core-banking system arose as a matter of improving the bank’s systems.

“DBN has no intention of evolving into a commercial bank. The core banking system has nothing to do really with whether you want to become a commercial bank or a development finance institution or anything. Most organisations have an IT system that they use and I think you have heard of SAP for example. It’s a very common one. It cuts across industries, most businesses actually use it,” he said.