Namibians urged to pay attention to decline in cheques usage

FNB says on same mission as customers

13 September 2018 | Ekonomie
FNB executive officer: business Johan van der Westhuizen this week said that since cheques convey a written instruction to one’s bank to pay money from or into their bank account, and due to manual functionality in this process, there are substantial disadvantages that go with this option.

Over the years, the growing usage of electronic payment methods, high expenses, inefficient processes and vulnerability to fraud have been key contributors to the global decline in cheques usage, he said.

In addition, cheques do not offer users the convenience and relative security provided by digital payment solutions, according to him.

Van der Westhuizen said that Namibia’s migration away from cheques has mainly been driven by customers embracing the convenience of emerging technology. However, he says, there is a role for all financial institutions to educate customers about alternative payment methods and their added benefits.

He points out the following benefits for using alternative payment methods:

Digital migration - the global community is rapidly going digital, which means acceptance of digital payments is on the increase - customers and businesses are demanding instant and seamless integrated user-experience.

Value-added incentives - financial service providers are increasingly incentivising customers for embracing digital platforms. For instance, FNB rewards individuals with Cash Back paid directly into their linked savings pocket for adopting certain digital banking behaviour.

Save on fees - cheques still carry a higher expense for both the customer and their bank compared to digital payments which can be processed at a fraction of the cost.

Improved safety - Cheque fraud is a global phenomenon and Namibia is not immune, whereas digital platforms are equipped to help clients mitigate fraud at a click of a button.

“In this regard, we have innovations like smart inContact, which allows you to safely approve Online Banking transactions on the FNB Banking App, verify devices that login to your profile, and use secure messaging to immediately report any fraudulent transactions 24/7,” adds van der Westhuizen.

Convenience – as written instruction to your bank to pay money from or into your bank account, the process in which funds move between banks is extended over several days, typically 7 days. Digital payments, which include Electronic Funds Transfer (EFT) and Card payments enable flow of funds to be done much quicker, and with little to no reliance on visiting the nearest branch.

“The universal shift towards digital payments is rapidly emerging across societies and in markets such as the United Kingdom, we’ve seen dedicated working groups tasked with fact-finding around the future of cheques vs digital payments. We are also on the same mission to understand our customers’ needs and how we can help in adopting alternate payment methods,” said van der Westhuizen.



NSFAF sluit ooreenkoms met Bank Windhoek

1 dag gelede | Onderwys

Die Finansiële Hulpfonds vir Namibiese Studente (NSFAF) en Bank Windhoek het vandag ʼn ooreenkoms aangegaan vir ʼn nuwe stelsel waardeur geld aan kwalifiserende studente gestuur...

Chinees Dinsdag in hof ná werker se skietdood

1 dag gelede | Misdaad

Die man wat gister na bewering deur sy Chinese werknemer in die Andara-nedersetting doodgeskiet is, is as mnr. Andreas Hausiku (32) geïdentifiseer.Hausiku was ‘n inwoner...

Twintig jaar tronkstraf vir verkragter

1 dag gelede | Howe

‘n 34-jarige man van Otjiwarongo is gister 20 jaar tronkstraf opgelê nadat hy skuldig bevind is aan die verkragting van ‘n minderjarige. Die dogter was...

Taking charge

2 dae gelede | Mense

Mariselle Stofberg Anthea van Heerden decided to take a leap of faith to start her own company in Windhoek.She is the managing director and...

Moontlike deurbraak

2 dae gelede | Misdaad

Denver KistingDie man wat gisteroggend weens Maandag se bloedbad op Arandis aangekeer is, het glo vir etlike ure geweier om met die polisie saam te...

Só staan sake in die Namibiese huis

2 dae gelede | Regering

Denver KistingPres. Hage Geingob het gistermiddag gesê sy boodskap van “welvaart vir almal” moenie verkeerd verstaan word nie.Volgens hom was die bedoeling nooit om oordaad...

Kabajani blossoms at GIPF

2 dae gelede | Mense

Michelline Nawatises Annette Likeleli Kabajani is a holder of a bachelor’s degree from the University of Namibia (Unam). She has also attained several management and...

Baking a name for herself!

2 dae gelede | Mense

Ester Kamati At the age of 28, Alma Tangi Nakanduungileh is climbing the entrepreneurial ladder and adding sweetness to her clients’ lives. A qualified...

A passion to unlock potential

2 dae gelede | Mense

Ester KamatiJustina Mulokoshi is a chartered accountant (CA) at PwC who has big dreams and is constantly on the lookout for new ways to improve...