Letshego and MTC initiate Tamba Maris, a mobile microlending project, targeting financially underserved Namibians
Tamba Maris: A New Mobile Microlending Platform in Namibia
Tamba Maris, a joint venture between Mobile Telecommunications Limited (MTC) and Letshego Micro Financial Services, is revolutionizing the financial landscape in Namibia. The platform, accessible via USSD, allows users to apply for small loans through their mobile phones, making financial services more accessible to a wider population.
The Tamba Maris service is currently in a controlled pilot phase, available to 6,000 pre-selected MTC customers. Loan amounts range from NAD 100 (approximately US$5.50) up to NAD 1,500.
The platform's primary aim is to improve financial inclusion, particularly for those who may be underserved by traditional financial institutions. By integrating mobile telecommunications and microfinance, Tamba Maris leverages MTC's extensive mobile network and Letshego’s expertise in microfinance to offer quick, convenient lending services.
Loan repayments on Tamba Maris are made through the MTC Maris wallet, which offers balance tracking and payment reminder features. Repayment periods for loans are 7, 14, or 30 days. Interest rates are tiered: 14% for 7-day loans, 18% for 14-day loans, and 22% for 30-day loans. The average interest rate across the product range of Tamba Maris is approximately 18%.
Loan applications on Tamba Maris are processed using automated Know Your Customer (KYC) and credit scoring systems, ensuring a secure and efficient process. The service is designed to be accessible via mobile phones, reducing barriers such as travel to physical branches, long paperwork, and lengthy approval times.
Tamba Maris is operating within a regulatory sandbox established by NAMFISA and the Bank of Namibia, ensuring that it adheres to strict financial regulations. The service is named Tamba Maris, a name that signifies growth and progress in the local language.
The introduction of Tamba Maris in Namibia aligns with the country’s broader digital financial ecosystem development and contributes to economic growth through improved financial services accessibility. By providing instant loans to customers through mobile phones, Tamba Maris is set to empower individuals and small businesses, enabling them to manage cash flow, address urgent financial needs, and invest in income-generating activities.
Jennifer Onyeagoro, a person associated with the Fintech industry, has been instrumental in the development of Tamba Maris. The success of the platform during the pilot phase will pave the way for its wider rollout, further enhancing financial inclusion in Namibia.
Tamba Maris, a fintech initiative that combines mobile technology and microfinance, is positioned to revolutionize the personal-finance industry in Namibia. By offering quick, convenient loans via mobile phones, it aims to serve those underserved by traditional financial institutions, enhancing financial inclusion.
Once approved, loan repayments on Tamba Maris can be made using the MTC Maris wallet, equipped with balance tracking and payment reminder features. Loans are offered with flexible repayment periods of 7, 14, or 30 days, each with varying interest rates.
The secure loan application process on Tamba Maris utilizes automated KYC and credit scoring systems, reducing barriers like travel, paperwork, and lengthy approval times associated with traditional banking.
As a fintech venture, Tamba Maris operates within a regulatory sandbox, ensuring compliance with financial regulations set by NAMFISA and the Bank of Namibia. The platform is designed to contribute to Namibia's digital financial ecosystem development, fostering economic growth by improving accessibility to instant loans through mobile phones.
