Namibia: MTC Maris Launches Mobile Money to Boost Financial Inclusion

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Namibia: MTC Maris Launches Mobile Money to Boost Financial Inclusion

Wednesday, 09 October 2024 11:35

Namibia: MTC Maris Launches Mobile Money to Boost Financial Inclusion

(Ecofin Agency) - 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