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The Board of the Development Bank of Namibia (DBN) has announced that Martin Inkumbi, the CEO of the Bank, will step down from his role in August 2023, at the end of his current second five-year tenure, and he did not seek reappointment after serving ten years in the role.

The Board has since commissioned the commencement of the recruitment process to ensure a seamless transition at the time of Martin’ departure.

During the intervening period, the Board will seek a potential successor in a transparent manner with the assistance of the external recruitment agency. The new candidate CEO will be identified and brought on board for a couple of months to shadow Martin Inkumbi during the remaining stretch and familiarise themselves with the Bank and ensure continuity.

The Board, through its chairperson, Sarel van Zyl, has expressed gratitude to Inkumbi for his distinguished service in leading the Bank and shaping its operations.

Inkumbi joined the Bank in 2006, and progressed through the ranks to be appointed Acting CEO in November 2012. His appointment as CEO was confirmed in August 2013.

On Inkumbi’s assumption of the role of Acting CEO in 2012, the Bank’s balance sheet stood at N$2.03 billion. In 2021, the balance sheet stood at N$9.47 billion.

In addition to growth, Inkumbi has been instrumental in effectively shaping the Bank’s structure and operations.

Among others, Inkumbi has led development and implementation of DBN’s risk management framework, as well as restructuring the Bank’s operations to encompass an SME Finance Department, and Investment Department and a Portfolio Management Department to manage borrowers, post-lending. In addition, he led implementation of the Bank’s Treasury unit and listing of the N$2.5 billion bond programme on the Namibian Stock Exchange.