WINDHOEK, July 31– Namibia has launched a mobile-based microloan service to expand credit access for underserved communities by allowing users to apply for short-term loans via their mobile phones.
The product, known as Taamba Maris, was introduced by Namibia‘s largest mobile telecommunications company, MTC, in partnership with Letshego Micro Financial Services Namibia.
It enables users to borrow amounts ranging from 100 to 1,500 Namibian dollars (about 5.5 to 82.7 U.S. dollars) with repayment terms of 7, 14, or 30 days.
Interest charges are applied as a one-off fee of 14 percent, 18 percent, or 22 percent, respectively.
Speaking at the launch in Windhoek on Thursday, Kayembe Ilunga, general manager of MTC Maris, a mobile phone-based money transfer and payments service of Windhoek General Administrator (WGA), a subsidiary of MTC, said the service targets financially excluded individuals, particularly in rural areas.
“This is a tool for empowerment, especially for those in underserved and remote areas,” Ilunga said. According to MTC, the solution operates under the Namibia Financial Institutions Supervisory Authority’s regulatory sandbox, which supports the controlled rollout of innovative financial services.
Speaking at the same event, WGA Board Chairperson Jerome Namaseb said the initiative is part of efforts to expand access to funding for small-scale entrepreneurs and informal traders.
“We are deliberate in our mission to rewrite how we access microfunding in the country,” he said. MTC currently has more than 470,000 registered Maris wallet users.
The company said the new service supports national goals to promote digital transformation and inclusive economic development.
Namibia joins a growing list of African nations using mobile technology to expand financial access. Similar platforms in Kenya and Nigeria have shown success in reaching previously unbanked populations, contributing to broader financial inclusion across the continent. (Xinhua)
