The Otjozondjupa Governor has called for the regulation of interest charged by micro lenders but also to make the registration of cash loans smoother.

John ||Khamuseb was speaking during a public hearing with the Parliamentary Standing Committee on Economy and Industry, Public Administration and Planning. 

"Having one cash loan is not something that is worrisome, but the fact that those doors are open and people end up having 2 or 3 or 4 cash loans and at the end of the month they don't have anything they can not even bring bread and butter home."

Attendees to the hearing raised concerns.

"The main concern in the main problem is illegal cash loans and illegal micro lenders because they're overcharging our people."

"Our elders are into that loan of the NamPost rate, but the repayment rate there is too high."

"Make it really flexible for companies to register their businesses in order to operate legally."

"The other day, I nearly fainted when I read the news that the standard bank particularly makes N$3.2 billion in profit per day. We are sitting here looking at the interest rates; micro-lender people are making them."

The committee's chairperson, Iipumbu Shiimi, said a solution is being sorted.

"I spoke to the regulator Namfisa; we spoke to the Ministry of Finance, which is responsible for the overall regulation of the sector through NamFisa and the Bank of Namibia when it comes to banking. We have also heard from the micro lenders association; we have heard from the unions. They also came to their submissions, but then we said we cannot just have this conversation in Windhoek because Namibia is bigger than Windhoek."

Member of the committee Immanuel Nashinge called for responsible borrowing.

"Of course not. Every borrowing is out of recklessness. For many, they just don't have anywhere to go, so what should be done moving forward?"