FNB, Moneda Capital and Ino Capital Sign MoU to boost SME participation in energy sector

First National Bank of Namibia (FNB), Moneda Capital Management, and Ino Capital Investments have signed a Memorandum of Understanding (MoU) that formalises a collaborative framework for supporting local suppliers and contractors.

The agreement was signed at the head office of FNB in Windhoek and outlines a joint commitment to capacitate SMEs by offering financial and operational backing through a structured local content accelerator programme. This initiative is poised to stimulate growth across the value chain and strengthen the domestic ecosystem in key extractive industries.

The MoU is designed to be non-exclusive, promoting collaboration between the parties and creating space for other stakeholders to join the ecosystem. The parties view this as the beginning of a long-term effort to build robust and sustainable SME participation in Namibia’s energy economy. Ino Capital echoed this sentiment, stating that the alliance marks a turning point in how institutional capital can be directed towards national development priorities. The MoU is expected to lay the groundwork for impactful local content initiatives, offering a scalable platform to fast-track Namibian SME participation in what is expected to become one of the country’s most dynamic economic sectors. FNB Namibia pledged to allocate over N$1 billion in funding to support local content development, specifically targeting businesses operating in Namibia’s emerging oil and gas industry. This commitment will be complemented by Moneda-Ino’s platform, which will provide operational and risk capital to eligible SMEs.

“The signed part of the Memorandum of Understanding is FNB Commercial's commitment to allocate capital to SMEs participating in the oil and gas value chain, the unwritten part, which represents our deep roots and firm commitment from FNB Namibia and the Broader FirstRand Group to play its role as a key enabler in this new phase. Moreover, our confidence in Namibian SMEs is firmly laid out here, even if unwritten,” said Chuka Okafor, Specialised Finance and Strategic Advisor to FNB Commercial.

He said that while the MoU formalises FNB Commercial’s capital allocation, it also represents the unwritten but firm commitment from FNB Namibia and the broader FirstRand Group to play a key role in this transformative phase of Namibia’s economic development.

Moneda Capital’s Chief Executive Officer, Ejike Egbuagu, highlighted the opportunity presented by Namibia’s growing energy landscape. Drawing from Moneda’s experience in markets such as Nigeria and the DRC, he said the firm is well-positioned to bring proven expertise to support local SME growth. “We're very honoured to sign this partnership with FNB. The truth is that the opportunity we see here is vast—it's huge. However, banks and financial institutions must have an appetite for the unknown. Oil and gas represent the unknown in Namibia. This partnership provides the proper backbone, supported by our experience operating in Nigeria, DRC, and other parts of Africa.”