Shifeta\u2019s remarks, made during a debate on a motion by Popular Democratic Movement MP Inna Hengari <\/strong>to strengthen protections against loan sharks, put pressure on the industry to address its role in financial distress. <\/p>\n\n\n\n The MP criticised the industry\u2019s impact, saying: \u201cSome people borrow money for gambling. We need to educate our people that borrowing to build or invest is the only way, not for gambling.\u201d<\/p>\n\n\n\n He pointed out that unregulated lenders, often linked to gambling, pose a significant challenge, as they operate beyond the purview of the Namibia Financial Institutions Supervisory Authority.\u00a0<\/p>\n\n\n\n Shifeta advocated for regulations similar to the 2018 Microlending Act<\/strong>, which prohibits lenders from holding clients’ bank cards or identification documents. He was backed by other legislators, including Independent Patriots for Change MP Elvis Lizaz<\/strong>i, who proposed capping lending rates below 30 per cent to curb predatory loans tied to gambling activities. Another MP, Frederick Shitana, of Affirmative Repositioning<\/strong>, emphasised the need for urgent measures, saying: \u201cWe know people are suffering. We must act\u201d.\u00a0<\/p>\n\n\n\n According to recent data, Namibia is experiencing rapid growth in online gambling and sports betting, fuelled by smartphone access and proliferation of online platforms. Critics attribute the growing gambling market to rising household debt, which reached N$68.5 billion<\/strong> (\u20ac3.3bn) in January 2025<\/strong>. <\/p>\n\n\n\n By the end of 2024<\/strong>, microlending debt had hit N$8.1 billion<\/strong> (\u20ac397.4m), up by 11 per cent <\/strong>year-on-year, while 17.8 per cent<\/strong> of household income now goes towards debt servicing, a rise from 9 per cent in 2020<\/strong>.<\/p>\n\n\n![\"\"](\"https:\/\/focusgn.com\/africa\/wp-content\/uploads\/sites\/7\/2025\/09\/photo-1706129867447-b4f156c46641-300x200.jpg\")
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