Household Debt Surges by N$2.1 Billion in 2023

 

 

By: Hertha Ekandjo

 

Household debt climbed to N$66.8 billion in December 2023, a notable increase from N$64.7 billion in December 2022, as revealed in Simonis Storm Securities’ (SSS) latest Private Sector Credit Extension report.

Corporate debt also experienced a slight uptick, reaching N$45.9 billion in December 2023 compared to N$45.8 billion the previous year.

Additionally, non-resident debt rose to N$7.9 billion from N$7.6 billion over the same period.

The financial agency explained that household overdraft credit uptake in December 2023 reached 14.7% year-on-year (y/y), marking one of the highest levels recorded throughout the year.

In a positive development, Namibia’s Financial Services sector witnessed a revival, registering a 3.7% y/y increase in the third quarter of 2023.