Parliament probes lending practices as debt crisis deepens

Patience Makwele

A parliamentary probe into lending practices has put Namibia’s debt crisis under the spotlight, with lawmakers raising concerns that some workers are taking home only a fraction of their salaries after multiple loan deductions.

The National Assembly’s Parliamentary Standing Committee on Economy and Industry, Public Administration and Planning on Friday held a public hearing to examine whether existing laws adequately protect borrowers from exploitation by lending institutions and informal money lenders.

The hearing formed part of the committee’s investigation into the country’s growing indebtedness and follows a motion tabled in Parliament calling for a review of lending practices and consumer protection measures.