Mobile Telecommunications Limited (MTC) has entered the cash loan business sector with its new loan offering.
Launched on Thursday, the Taamba Maris Instant Loan offers loans to MTC Maris clients ranging from N$100 to N$1 500.
The loans are being offered in partnership with Letsgeho.
Speaking at the launch, Melvin Angula, the chief executive officer of Letsgeho micro-financial services, said the target market are those who are unbanked and do not qualify for loans in the mainstream financial sector.
This may be due to a lack of collateral or formal employment, making it hard to produce a payslip, which is usually required when applying for a loan from banks or cash loan businesses.
“Our target market are those earning between N$2 500 and N$6 500, including the ladies who sell vegetables on the street,” Angula said.
He said clients can apply offline by simply using a USSD code.
The loan is not yet available to everyone, but will be limited to 6 000 pre-selected Maris clients before being extended to all MTC Maris clients.
