Chamwe Kaira
The Bank of Namibia’s comparison of e-money-related fees shows that all banks charge a fee when an account holder sends money to an e-money wallet using online banking, mobile banking applications, or USSD payment channels.
The central bank said recipients are entitled to one free cash withdrawal per month from an e-money wallet, either at an ATM or through a merchant or agent.
After the free withdrawal, banks may apply fees.
Bank Windhoek charges the lowest ATM cash-out fee at N$10.50.
First National Bank (FNB) charges N$14 per withdrawal. Standard Bank Namibia does not charge any ATM cash-out fee, making withdrawals free.
Some banks allow e-money wallet holders to withdraw cash at retail merchants or agents such as Shoprite or Checkers. FNB offers this service free of charge.
Bank Windhoek and Nedbank Namibia do not currently offer merchant cash-out services.
Standard Bank Namibia provides merchant or agent cash-out services, with fees ranging from N$12.50 to N$42. In most cases, withdrawing cash at a merchant or agent costs less than using an ATM, except at Standard Bank Namibia.
Banks also offer value-added services through e-money wallets.
The purchase of prepaid electricity is free at FNB, Nedbank Namibia and Standard Bank Namibia. Bank Windhoek charges N$1.50 per transaction.
Prepaid airtime fees range from N$1.05 at Bank Windhoek to N$2.60 at both Standard Bank Namibia and FNB. Letshego Bank Namibia does not offer prepaid electricity or airtime purchases through e-money wallets.
For transfers from N$0.00 to N$500, the lowest fees are charged by Letshego Bank Namibia at N$11 and by FNB at N$10.00 for USSD transactions.
For transfers of up to N$5 000 Letshego Bank Namibia charges N$33, while Standard Bank Namibia charges the highest fee at N$42.
Transfer bands differ across banks and are set by each institution.
Under the Bank of Namibia’s legal framework, PSD-10, only the sender pays the transaction fee, while the recipient receives the full amount sent. Most banks apply the same fee across channels.
FNB charges different fees depending on whether the transaction is done via online banking, a mobile banking application, or USSD.
Bank account holders in Namibia can send e-money to any person with a mobile number.
Recipients can withdraw cash or buy basic services such as prepaid airtime and electricity. Some banks also allow withdrawals at approved agents or merchants as an alternative to ATMs.
Caption
Bank Windhoek charges the lowest ATM cash-out fee at N$10.50, while First National Bank charges N$14 per withdrawal. Standard Bank Namibia does not charge any ATM cash-out fee, making withdrawals free.
- Photo: Bank of Namibia
