MTC’s Taamba Maris loan wins praise for tackling loan sharks and curbing over-indebtedness

Mobile Telecommunications Limited (MTC) says its newly launched Taamba Maris loan is receiving positive response so far.

Spokesperson Tim Ekandjo says the product is designed to protect Namibians against loan sharks and reduce over-indebtedness.

“With the Taamba Maris loan, the limit is N$1 500, helping to reduce exposure and prevent over-indebtedness. We’ve also adopted a behavioural credit scoring system to ensure loans are only approved for customers with a proven ability to repay.

“According to our loan policy, customers can take only one loan at a time, and we implement cooling-off periods to prevent consecutive borrowing,” he says.

Ekandjo says future plans include introducing a tiered pricing system to reward repeat borrowers with lower rates, as well as opt-in savings products linked to repayment behaviour.

“A key feature that sets Taamba Maris apart from other loan products is its transparency and integrated loan health safety modules, which provide customers with repayment flexibility,” he says.

Customers will be informed of the total repayment amount, including interest, before accepting the terms.

“In its current form, Taamba Maris primarily functions as an emergency liquidity solution for the unbanked, helping them avoid loan sharks who often charge exorbitant interest rates of up to 40% per month. This loan allows individuals to access the support they need while also establishing a digital footprint that can facilitate access to future credit,” Ekandjo says.

He says the loans are typically used for essentials such as water, electricity, school supplies, and groceries.

A responsible borrowing campaign will also be rolled out in local languages to promote financial literacy.

Ekandjo says MTC Maris will use responsible recovery methods, including SMS reminders, and that the aim is to support Namibians in need, not deepen their debt.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.