Microlenders boom in third quarter
Jo-Maré Duddy – The total loan book of registered microlenders swelled by nearly 33% to more than N$5 billion in the third quarter of 2017, the biggest increase recorded in this quarter since 2014.
Of the about N$5.08 billion consumers owed to microlenders registered with the Namibia Financial Institutions Supervisory Authority (Namfisa), nearly N$4.98 billion or 98% was term lenders’ debt. Payday lenders’ debt totalled N$104 million, according to the latest data available on Namfisa’s website.
A total of 306 144 consumers flocked to microlenders in the third quarter of last year, 48 920 or 19% than the same quarter in 2016. Of these, 244 661 were term lenders, which increased by nearly 21% compared to corresponding period in 2016. Payday lenders rose by about 13% to 61 483.
The average term lender borrowed N$22 176 at a time, N$1 924 or 9.5% more than the third quarter of 2016. Payday lenders needed N$1 581 per loan on average, up N$122 or 8.4%.
Data on Namfisa’s website shows that micolenders’ total loan book in the third quarter has grown by 150% since 2012. The average term loan grew by around N$10 000 or 91%, while the average payday loan rose by nearly N$600 or 60%.
Of the about N$5.08 billion consumers owed to microlenders registered with the Namibia Financial Institutions Supervisory Authority (Namfisa), nearly N$4.98 billion or 98% was term lenders’ debt. Payday lenders’ debt totalled N$104 million, according to the latest data available on Namfisa’s website.
A total of 306 144 consumers flocked to microlenders in the third quarter of last year, 48 920 or 19% than the same quarter in 2016. Of these, 244 661 were term lenders, which increased by nearly 21% compared to corresponding period in 2016. Payday lenders rose by about 13% to 61 483.
The average term lender borrowed N$22 176 at a time, N$1 924 or 9.5% more than the third quarter of 2016. Payday lenders needed N$1 581 per loan on average, up N$122 or 8.4%.
Data on Namfisa’s website shows that micolenders’ total loan book in the third quarter has grown by 150% since 2012. The average term loan grew by around N$10 000 or 91%, while the average payday loan rose by nearly N$600 or 60%.
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