MTC and Letshego Launch Tamba Maris Mobile Microlending Pilot for Underbanked Namibians

Mobile Telecommunications Limited (MTC)  and Letshego Micro Financial Services  have introduced a new mobile microlending platform named Tamba Maris. The service is currently in a controlled pilot phase and is intended to provide instant loans to customers through their mobile phones.

The new platform, delivered via USSD, allows users to access loans ranging from N100toN1,500 with repayment periods of 7, 14, or 30 days. The interest rates are tiered based on the loan duration: 14% for 7-day loans, 18% for 14-day loans, and 22% for 30-day loans, with an average interest rate of approximately 18% across the product range. According to Letshego CEO Melvin Angula, the loan disbursement process is very fast, taking less than 60 seconds, and does not require internet access.

For its initial month, the service is capped at N$2 million and is available to 6,000 pre-selected MTC customers. The pilot is operating within a regulatory sandbox established by NAMFISA and the Bank of Namibia, which allows for controlled testing of financial innovations not yet covered by existing regulations. Angula expressed confidence in the product’s potential for success and stated that a phased expansion is being considered. If the pilot is successful, the service could eventually be rolled out to MTC’s entire customer base of 2.7 million.

The platform is designed to serve underbanked Namibians, including informal workers and those in the gig economy who do not have access to traditional financial services. Loan applications are processed using automated Know Your Customer (KYC) and credit scoring systems powered by Credit Info, which builds a user’s credit history based on their transaction data. Loans are repaid through the MTC Maris wallet, which also provides tools for tracking balances and receiving payment reminders.