MTC last week stated it has received positive feedback from the market regarding its newly launched Taamba Maris Loan product. 

MTC‘s Chief Human Capital, Marketing, Communications & Sustainability Officer, Tim Ekandjo, in a media statement, explained that the era of short-term loans masquerading as financial inclusion solutions, which often trap Namibians in deeper debt, is over. 

“With the Taamba Maris Loan, the limit is N$1500, 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,” Ekandjo stated.

Ekandjo continued that 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. As such, customers will be informed of the total repayment amount, including interest, before accepting the loan 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. Typically, we issue these loans to customers who need assistance with essentials such as water, electricity, school supplies, and groceries,” Ekandjo added.

Ekandjo assured customers that MTC Maris will employ responsible lending recovery methods, including regular reminders via SMS. He stated that Taamba Maris is exactly what the market needs and said MTC Maris is committed to supporting Namibians in difficulty, not increasing their debt.

MTC’s loan facility charges interest rates at 14% for a seven-day loan, 18% for 14 days, and 22% for 30 days, with what the company describes as flexible repayment options.