MICRO-FINANCE DIVISION (100% SHAREHOLDING)
- Business model which perfectly complements the education business.
- Market leader in tailor-made education lending which enables personal growth and development.
- Solid and sustainable returns with high growth potential.
- Well-established brand with incredible track record over 15 years.
- High quality loan portfolio, with more than 25 000 active account holders.
Trustco Finance, the licensed entity that operates the group’s micro-finance business, is a well-established and leading student lending business that provides 100% financing on all courses offered by the Institute for Open Learning (IOL). The student lending business maintained its vision to better meet the needs of lower income Namibian consumers while playing a pivotal role in making financial inclusion a viable option for everyone.
Trustco Finance funds innovative educational courses that are tailored to add value to the lives and financial well-being of its customers. These courses encompass a variety of academic, information and communication technology, as well as other skills enhancing short courses. With more than 15 years microlending expertise and an initial loan portfolio of NAD 5 million which has grown to in excess of NAD 500 million, Trustco Finance is the preferred student loan financier in Namibia.
While the constraints of COVID-19 have seen forecast default rates increase, Trustco Finance has applied concerted strategies to manage credit checks to ensure that the quality of the loan book is not compromised, thereby limiting the impact of the pandemic on the quality of the overall student loan portfolio.
Trustco Finance secured USD 20 million of new funding for student lending from one of its existing international funders during the reporting period which has enabled the business to continue to provide significant financial support to Namibian students.
More information about Trustco Finance is available at: www.trustcofin.na