Promoting financial inclusion is critical for Namibia's economic development, as it offers numerous benefits for individuals and the broader economy. With a significant portion of Namibia’s population still excluded from formal financial services, initiatives like MTC Maris are essential.
On October 4, Mobile Telecommunications Company (MTC) Namibia launched MTC Maris, a mobile phone-based money transfer and payments service developed by Windhoek General Administrator (WGA). As a subsidiary of MTC Namibia, MTC Maris aims to provide essential financial services to the unbanked population.
During the launch, WGA Board Chairperson Jerome Namaseb emphasized the importance of financial inclusion for economic growth, particularly in a country where many citizens are unbanked or underbanked. Namaseb stated, “This initiative will serve to address the inclusion for the underserved, offering financial solutions that are not only accessible but tailored to the needs of low-income earners.”
The service, which means "money" in Khoekhoegowab, allows users to deposit, withdraw, transfer funds, and make purchases directly from their mobile devices. This innovative solution is designed specifically for individuals who have mobile phones but lack access to traditional banking systems.
Users can securely send money through PIN-protected SMS messages, allowing them to pay for goods and services easily. MTC Maris offers an accessible digital wallet, enabling users to load funds, make payments, and cash out without relying on conventional banking methods. The service will operate independently from MTC, with its board of directors and corporate identity.
According to the Global Findex Database 2021 by the World Bank, the percentage of Namibians aged 15 and above with a bank or mobile money account was 71.35%. While this statistic reflects an upward trend in access to financial services, it also underscores a significant portion of the population -nearly 30%- still lacks access to formal financial resources. This gap presents a key opportunity for services like MTC Maris, which aims to bridge this divide by offering mobile-based financial solutions.
The World Bank recognizes financial inclusion as a fundamental driver for alleviating poverty and promoting shared prosperity. By granting individuals access to essential financial services, it enables them to make more informed financial decisions, contributing to improved economic stability and personal empowerment.
Hikmatu Bilali
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector could grow to $20 bln annually and create 20 mln...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...