🇳🇦NamibiaSouthern Africa
Namibians among lowest borrowers in Common Monetary Area
via The Namibian2 min read
The Bank of Namibia reports that Namibians borrow significantly less than other nations within the Common Monetary Area CMA, which includes Lesotho, South Africa, and Eswatini. Despite owing nearly N$130 billion, Namibians have one of the lowest household indebtedness rates as a percentage of gross domestic product GDP in the region. Household debt in Namibia stands at 30.7% of GDP, making it the second lowest after Lesotho, which recorded 17.2% in 2024. This indicates a contained level of excessive debt, though the central bank emphasizes the need for continued monitoring due to subdued income growth and credit composition risks. In the microlending industry, Entrepo Finance and Letshego Micro Financial Services each hold 28.4% of Namibia's N$7.8-billion market, with Old Mutual Finance controlling 18.9%. These three companies collectively managed 75.7% of the industry's total loans as of last October.
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This summary was AI-generated from a story originally published by The Namibian.
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