Namibia: Bank Windhoek, FNB Ease Banking Fees

BANK Windhoek and FNB have announced new fee structures for their services, which came into effect on Friday.

According to a statement from Bank Windhoek, the financial institution considered the current economic outlook, compounded by the lingering effects of the Covid-19 pandemic when coming up with the fee structure.

FNB Namibia said it updated its fee structure to provide value-for-money, affordable banking while supporting ease and convenience for customers by encouraging the use of various digital channels.

The overall average Bank Windhoek increase is 6,2% in line with inflation, said Bank Windhoek in a statement.

The bank will not charge subscription fees for internet banking, the mobile app and cellphone banking.

"This is to reduce our customer's reliance on branches and to encourage them to use alternative digital services," the bank said.

Utilising the new Bank Windhoek Mobile App for airtime purchases, will continue to be free of bank charges while AlertMe SMS notifications for debit and credit transactions remain free.

"Electronic statements are free, and customers are encouraged to register to save money on printed monthly statements. Also free is the first issue of debit/credit cards as well as mini-statement on cellphone banking."

Notice of irregularity, unsuccessful debit order and deferment fees remain unchanged and no data is required for use of Mobile App as the data costs are borne by the bank.

Bank Windhoek managing director Baronice Hans commented: "Our digital banking services continue to offer customers the convenience to conduct banking 24 hours a day, seven days a week."

FNB Namibia also said its various digital channels will allow clients to conduct most of their banking activities 24/7 in a location that works best for them.

"In line with our strategic objective to continue delivering delightful and valued experiences, digital transactions will continue to receive focus in our annual transactional pricing reviews," said the FNB statement.

Nangula Kauluma, FNB executive: retail banking said: "We appreciate that our customers are facing numerous financial pressures, and as a result, have ensured that these price increases remain in line with inflation or unchanged.

"As an example, customer fees on card swipes have remained the same for the forthcoming financial year, while internal debit order fees have been reduced by 45%."

Kauluma added that to encourage the use of their newer channels, [email protected] and CashPlus, withdrawal fees have not been amended, while customers can now withdraw eWallets free from selected merchants.

With FNB's electronic pricing options, customers can also enjoy free ATM withdrawals of various limits, in line with the account they hold, added the statement.

Card swipes, payments, electronic purchases of airtime and electricity, and transfers are also free on electronic pricing options, and further complemented by the value-add provided by the monthly cash back earned with FNB rewards, the bank said.

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