Namibia private sector credit grows by N$5.84 billion
Nominal credit book reaches N$128.2 billion, but real growth is minimal due to inflation.
Namibia's private sector credit increased by N$5.84 billion in the first nine months of 2026, a 39% rise from the same period last year. This growth brought the total credit book to N$128.2 billion by September, with N$1.06 billion added in that month alone. Businesses borrowed N$656.8 million and households N$403.5 million during September.
Almandro Jansen, an economist at Simonis Storm, noted that while nominal credit grew by 5.6% annually in September, real growth after accounting for 5.4% inflation was only 0.2%. He stated that much of the borrowing increase reflects higher prices, not a significant expansion in real activity. Corporate credit growth accelerated to 6.7% in September.
Jansen cautioned that sustained growth is needed to confirm a business investment recovery, especially with drought, foot and mouth disease, and fuel costs impacting agriculture and transport. Household credit growth remained at 4.9% annually, but contracted by 0.5% in real terms for the second consecutive month.
Why it mattersBusinesses and households in Namibia are borrowing more, but inflation is eroding the real value of this credit.