Swartbooi says Namibians are getting poorer

Landless People’s Movement (LPM) leader Bernadus Swartbooi says rising living costs and low incomes are pushing more Namibians towards expensive microloans.

Swartbooi says the growing number of people borrowing from microlenders shows how difficult life has become for ordinary Namibians.

He made the remarks in the National Assembly on Thursday during his contribution to the mid-term budget review debate.

Microlenders recorded a 27% increase in their loan portfolios, reaching N$9.3 billion in the second quarter of 2026.

About 279 500 Namibians are borrowing money from microlenders.

“Is it that Namibians are more and more desperate to get money for survival and are prepared to take more expensive money? Or is this positive competition in the financial services sector?” he asked.

Swartbooi questioned whether people were choosing microlenders because they offered more flexible loan conditions than commercial banks.

“Time will tell, but I know this is not a positive development. This is the Namibian bargain gone wrong,” he said.

Swartbooi said the increase in borrowing comes at a time when many Namibians are earning too little to meet their daily needs.

According to statistics from the Namibian Statistics Agency (NSA), majority of working Namibians earn less than N$2 000.

He argued that the figures show that living conditions have worsened over the past three years.

Swartbooi said the financial pressure is affecting even employed Namibians, including teachers and nurses who cannot afford decent housing.

“Namibians are poorer and hungrier than they were just three years ago. That’s what the data from Cirrus Capital shows. Essentially, the middle class has collapsed,” he said.

He said some nurses and teachers are living in informal settlements, while other professionals have taken up additional work to provide food for their families.

Swartbooi blamed the situation on unemployment, poor economic policies, the country’s dependence on natural resources and a mismatch between workers’ skills and available jobs.

“The livelihood for the vast majority of Namibians is a struggle from minute to minute. Without doubt, therefore, Namibia’s economy has entered structural stagnation,” he said.