Many aspiring Namibian entrepreneurs and small business owners are failing to secure funding simply because they come to the bank ill-prepared, lacking right documentation and a clear understanding of their business needs, says Caroline Kamerika, Commercial Relationship Manager at First National Bank (FNB) Namibia, at the Business Summit Namibia on Saturday.
Kamerika outlined the challenges banks face in working with entrepreneurs who lack basic business knowledge and documentation.
“Clients come to the bank and ask for funding, and they don’t even have company documents. They don’t even have a registered business,” she said.
According to Kamerika, a common barrier is a widespread misunderstanding of business profiling, a foundational aspect of seeking finance.
Many business owners are unfamiliar with where to register their businesses or how to prepare essential paperwork such as financial statements, fitness certificates, and proof of compliance with local regulations.
“These are documents we look at to ensure regulated, sound, and responsible lending. Without them, we cannot assist,” she explained.
Beyond documentation, Kamerika emphasized a worrying trend, a lack of financial literacy and business ethics. She noted that some clients even approach banks with dishonest intentions or unrealistic expectations.
“We profile clients, and we see documents with mistakes. Some clients don’t know what kind of funding they need. Others think they’re entitled to a loan simply because someone else got one,” she said.
“Just because your cousin got a loan doesn’t mean you will. That’s the copy-and-paste mentality we are fighting.”
Kamerika also criticized the misconception that it is the bank’s role to transform someone into a successful businessperson.
“It is not the bank’s responsibility to make you successful. It’s your own responsibility,” she asserted.
She urged business owners to take initiative by learning about the financial tools and educational resources available to them, such as Basecamp, Nava, and Her Success programmes that aim to boost entrepreneurial knowledge and empower start-ups.
“Start the process correctly. Get your documents in order. Know what business you want to do and why. If it’s not your calling, don’t do it just because someone else did,” she said.
She called on entrepreneurs to be authenticity, preparation, and responsibility are essential when seeking funding.
“Banks are not here to make you. You make yourself,” she concluded.
Speaking at the Business Summit Namibia, businessman and creative Pinehas Shikulo known as ‘Zuluboy’ emphasised that to revive the economy, there will be a need to boost sectors that unlock innovation and empower communities.
He called on policymakers, creatives, and entrepreneurs to look inward both geographically and culturally before seeking innovation on a national scale.
“We need to start at home. Where we come from there are a lot of opportunities use that, all you must know is where are we coming from. Let us tell stories from our own communities that we’re not telling the world,” he said.
Shikulo urged participants to reflect on the roots of their experiences, drawing a direct line between community development and sustainable innovation.
He highlighted the disconnect between urban innovation efforts and the neglected conditions of many public spaces.
He added that aspiring entrepreneurs must start looking for mentors or mentorship programme so they can benefit from that and learn from the best.
“Mentorship teaches you to handle opportunity responsibly. We need to invest in that,” he said.
South African actress, producer, and entrepreneur Connie Ferguson captivated the audience at the Business Summit Namibia with her keynote address, tracing her entrepreneurial journey from humble beginnings to industry stardom.
Ferguson, best known for her decades-long presence in the entertainment industry, revealed that her business acumen was sparked during her school days when she sold sweets to classmates to earn pocket money. That early hustle, she said, planted the seed for a much larger vision.
“When you start a business, you must know your ‘why’. When I started, my why wasn’t about becoming a successful, wealthy businesswoman. It was simple. It was my mother,” she said.
Raised by a hardworking mother of seven who juggled two jobs, Ferguson said witnessing her mother’s relentless dedication shaped her own drive.
“Sometimes I could see how tired she was, but she never complained. My motivation was to help her to make life a little easier for my family,” she said.
She emphasized that the road to business success is paved with failures and setbacks. “There are challenges, and sometimes you fall. But that’s part of the journey,” she said.
She credited her resilience to her mother’s example. “We never went to bed hungry. My mom never let us see her struggle, even when she had every reason to. As entrepreneurs, we need to stop complaining and start doing.”
Having spent decades in the entertainment industry, Ferguson also spoke candidly about its unseen hardships.
“People often glamorize it, but it’s not an easy industry. There’s a lot behind the scenes that never makes it to the spotlight.”
She added that, at the end of the day It’s about passion, perseverance, and purpose . . . if you know your ‘why’, you’ll find your way.