Staff writer

FNB Namibia has announced that it will cut prices across a number of its banking services and fees from 1 July 2020.

The bank said with the updated pricing structure, it aims to offer more value and simplicity to customers when it comes to its banking fees, and thus has changed its pricing to reflect this.

“FNB also altered its fee structures to facilitate the shift from cash transactions to electronic transfers and cashless payments.We are cognisant that customers are facing financial pressure, therefore several free transactions will provide relief to many. The financial impact of COVID-19 has also highlighted some gaps in the way some customers manage their banking so we will be giving customers even more value to improve their banking behaviour through our cashback rewards programme’, said Nangula Kauluma, FNB Namibia Retail Executive.

The bank said it has seen impressive adoption of its mobile banking app and digital channels, and thus positioned its reviewed fees to encourage the use of its online and digital offerings.

“ Customers can enjoy a 20 percent reduction in swiping, and no increases in penalty fees. Free ATM withdrawals, swipes, payments, electronic purchases on airtime and electricity, and free transfers are also available to customers on Electronic Pricing Options where available,” she said.

To bring convenience the bank executive said, “FNB continues to assist customers to bank more conveniently while offering them the chance to earn cash back rewards on an ever-widening range of easy digital channels. FNB’s innovative solutions such as the FNB App, Advance Deposit Taking ATMs, Cash@Till, Ewallet@Till, and CashPlus offer affordable, and accessible banking at a minimum cost.”

“We pride ourselves on putting customers at the centre of 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 get savvy about their banking needs and get even more value and convenience from banking digitally.”