Namibians drowning in debt as banks keep profiting – PDM’s Hengari calls for urgent action

Recent reports indicate that nearly half of Namibians, especially civil servants, are drowning in debt as banks continue to profit.

This is according to Popular Democratic Movement (PDM) member of parliament Inna Hengari, who says it is a serious issue requiring urgent attention.

“Lending institutions like the infamous Letshego made a profit of N$199 million in just six months, as reported in 2024, which highlights the big gap between the financial success of lending institutions and the struggles of ordinary people,” she says.

Hengari says many Namibians are turning to backyard loan sharks who charge high rates, exacerbating the situation.

She says there is a need to have a “real” discussion about whether existing laws are truly protecting people from exploitation.