Telecom

Namibia: MTC Maris Launches Mobile Money to Boost Financial Inclusion

Namibia: MTC Maris Launches Mobile Money to Boost Financial Inclusion
Wednesday, 09 October 2024 11:35

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

On the same topic
The AAE-2 subsea cable will enhance global internet resilience, unlock new digital growth opportunities across emerging markets, and support the next wave...
For many Ghanaians, affordable internet access is not just a convenience but a necessity for education, e-commerce, financial services, and civic...
• MTN, Telecel, and AT to invest $150 million in network improvements by end-2025• Move follows public complaints and government pressure to improve...
On the occasion of its very first participation in VivaTech, Europe's largest innovation fair, AGL through its Yiri Innovation Center announces the...
Most Read
01

BCEAO lowers main rate from 3.50% to 3.25% effective June 16, 2025 Inflation eased to 2.3% in...

BCEAO Cuts Key Rate to 3.25% to Stimulate Regional Growth
02

• Funding resumes after 2023 suspension tied to Uganda’s anti-LGBT legislation• Three new projects a...

World Bank Resumes Support to Uganda Despite LGBT Law Concerns
03

Wingu Africa raised $60 million from South Africa’s Rand Merchant Bank Funds will expand...

Wingu Africa Secures $60mln to Boost Digital Infrastructure
04

• Ghana aims to secure LBMA license to boost refinery access to global markets• Reforms include gold...

Ghana Launches Reforms to Pursue LBMA License for Gold Refineries
05

AfDB raised $3 billion in a two-part bond issuance in U.S. dollars. The deal included th...

AfDB Raises First-Ever 10-Year Global Dollar Bond
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.