“When conducting the annual review of our pricing for transactional banking, we considered the current operating environment coupled with the unique circumstances businesses and individuals are likely to face in the short to medium term,” says Nangula Kauluma, FNB Namibia Executive: Retail Banking.
“With the updated pricing structure, which became applicable on 1 July, FNB Namibia aims to offer more value and simplicity to customers when it comes to our banking fees, and as such we have updated our pricing to reflect this. We also altered our fee structures to support the shift from cash transactions to electronic transfers and cashless payments,” adds Kauluma.
FNB is well aware that customers are facing financial pressures, and due to this price increases have remained unchanged in many instances. “The financial impact of COVID-19 has also highlighted some gaps in the way customers manage their banking so we will be giving customers even more value to enhance their banking behaviour through our rewards programme.”
The bank has seen impressive adoption of the FNB mobile banking app and digital channels, which both offer added functionality, and has positioned the reviewed fees to encourage the use of online and digital offerings. Customers’ fees on card swipes have remained the same for the forthcoming financial year, following a 20% reduction last year.
Customers can also – amongst others - enjoy free ATM withdrawals dependent on their account choices, and make payments, electronic purchases on airtime and electricity on our Electronic Pricing Options which offer a range of free transactions vs. higher ‘pay as you use’ individual pricing.
FNB Namibia continues to assist customers to bank more conveniently and safely in the context of the pandemic, while offering them the chance to earn cash back rewards on an ever-widening range of easy digital channels. Our innovative solutions such as the FNB App, Advance Deposit Taking ATMs, and cash in-store solutions offer affordable, and accessible banking at a minimum cost.
“Our priority is to help our customers manage their ease and cost of banking. We remain committed to continuously strengthening our value propositions to provide trusted, relevant, and frictionless banking solutions to assist and support our customers who are consumers that actively participate in the Namibian economy. We pride ourselves on putting our customers at the centre of improving our banking solutions, and the changes we are implementing demonstrate our commitment to value-based banking, especially during these tough economic times. Our solutions also allow customers to save more through better banking,” concludes Kauluma.