Chamwe Kaira
Letshego Bank Namibia and Nedbank Namibia charge the lowest fees on basic bank accounts, according to the Bank of Namibia’s Banking (BoN) Fees and Charges Comparison report for December 2025.
The report highlights fees and services offered to Basic Bank Account (BBA) holders by local banks.
It shows that Letshego Bank Namibia and Nedbank Namibia charge N$4.70 when BBA clients transfer money through the cellphone banking (USSD) channel.
First National Bank Namibia offers free point-of-sale purchases for all clients, including BBA holders.
Bank BIC, Bank Windhoek and Standard Bank Namibia allow free internal and external debit order payments for BBA clients.
Bank BIC also allows BBA clients to send money for free to customers of other banks using its mobile banking application.
The central bank found wide differences in fees charged for exchange control applications. Atlantico Bank Namibia charges the lowest fee of N$750 for a standard application, while Nedbank Namibia charges the highest at N$1 840.
For urgent exchange control applications, Bank BIC Namibia charges the lowest fee of N$1 000, while First National Bank charges the highest at N$2 000.
The report covers fees on commonly used payment services offered through basic bank accounts by seven banks in Namibia.
It also includes fees for cross-border common monetary area electronic funds transfer low-value transactions, as well as charges linked to exchange control applications.
The publication of the report follows several regulatory developments.
Under the payment system management Act of 2023, the Bank of Namibia (BoN) introduced directives on Basic Bank Account standards to ensure affordable access, interchange rates and ATM fees to regulate off-us withdrawals and e-money interoperability to integrate digital and traditional payment systems by 2025.
Several banks have adjusted their fees. Standard Bank Namibia lowered everyday banking fees and introduced free inter-account transfers from January 2026.
FNB Namibia removed charges on all local card swipes and reduced fees on alternative channels.
Bank Windhoek revised its fee structure to remove monthly service and point-of-sale fees for senior customers.
A national awareness campaign launched in August 2025 promotes digital financial literacy and includes a booklet guiding the public on banking and payment services.
The Bank of Namibia is also developing a national Instant Payment System, expected in 2026, to improve the speed and reach of digital transactions.
Caption
The central bank report showed that Letshego Bank Namibia and Nedbank Namibia charge the lowest fee of N$4.70 when Basic Bank Account (BBA) clients transfer money through the cellphone banking (USSD) channel.
- Photo: Bank of Namibia
