By: Nghiinomenwa-vali Erastus

 

Registered microlending entities in Namibia issued a total of 665,290 new loans with a combined value of N$3.6 billion in 2023.

This represents a slight increase of 0.8% compared to the previous year, according to the Namibia Financial Institutions Supervisory Authority (Namfisa) 2023 annual report, released last week.

There are 560 registered microlenders in Namibia.

Namfisa regulates and supervises non-banking financial institutions, including microlenders.

The report highlights a 7.5% annual increase in the number of new loans issued, which reached 665,290 by 31 December 2023.

This rise correlates with the growth in payday lending. The number of registered microlending institutions also grew from 417 in 2022 to 560 in 2023.

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