SMARTCARD-BASED savings at NamPost Savings Bank has grown by just over 13 per cent from the 2009 to the 2010 financial years and stood at nearly N$1,6 billion at September 30 2010.
"This reflects a clear continued faith in our product and its relevance to its target market," NamPost said in its latest financial report recently tabled in Parliament.
The figures echo the findings of the FinScope Consumer Survey 2012, which concluded that better financial access in Namibia was driven largely by innovative, low-cost and safer products and services by NamPost.
Whereas 51 per cent of people were excluded from banking services in 2007, only 31 per cent are currently, FinScope showed.
"NamPost has changed their product and strategy which has significantly driven product uptake: the physical savings book product was terminated and a biometric smartcard aimed at low-income users was introduced," the survey said.
According to the 2010 annual report of NamPost, accountholders grew by 13,02 per cent from 2009, chasing up transaction volumes by 31,5 per cent. This in turn led to to an increase of 84,4 per cent in non-interest income for the bank.
Of the N$1,58 billion invested in the bank by the end of 2010, the bulk - N$1,25 billion - was in fixed deposits. This is nearly 25 per cent more than in 2009. About N$286 million was in savings accounts at the bank, slightly less than the N$289 million the previous year.
Save-as-you-earn deposits grew by about 28 per cent to nearly N$1,2 million. Two new products, Mychoice accounts and Call and Notice accounts, pulled N$27 million and N$7 million respectively.
In the annual report, NamPost chairman Sebby Kankondi said the Bank of Namibia (BoN) intends to formally regulate NamPost savings Bank.
"As a board, we welcome this initiative and view it as an opportunity to assure our customers of the prudent management of their funds in the hands of NamPost Savings Bank," he said.
According to FinScope, significant growth in NamPost branches across the country has also improved access to financial products.
NamPost has increased its branch network by 42 per cent since 2007, while commercial banks opened seven per cent more outlets, FinScope showed. NamPost has 134 branches countrywide,