Staff Writer
Standard Bank Namibia has introduced a new pricing structure aimed at addressing high levels of risk aversion and limited financial participation in the country.
Head of business and commercial banking at Standard Bank Namibia, Hellen Amupolo, said that although 78% of Namibians were financially included in 2017, many still avoid formal financial services.
She said 57.8% of adults avoid borrowing; nearly 70% remain uninsured due to affordability concerns and formal savings participation has fallen to 60%.
Amupolo said these trends point to structural barriers that limit deeper participation in the financial system.
She noted that Namibia has a youthful and relatively literate population, with 71% under the age of 35 and an adult literacy rate of 87%.
However, unemployment stands at 36.9%, and cellphone access is at 52.2% of the population, which limits broader financial inclusion.
“Financial exclusion is not just a banking challenge; it is a national challenge that demands bold, inclusive solutions,” Amupolo said.
She added that the past decade has placed pressure on households and businesses, citing a technical recession, pandemic disruptions and rising costs.
Resetting the system, she said, requires addressing affordability, improving transparency and giving customers tools to make informed decisions.
“It requires transparent pricing, financial education, and tools that empower informed decision-making,” she said.
As part of this approach, Standard Bank introduced a refreshed 2026 pricing structure for its SME and commercial segments, effective 1 January.
Amupolo said the changes go beyond routine fee adjustments and align with the national financial sector transformation strategy, which targets 95% financial inclusion by 2035.
The bank has reduced fees on daily digital transactions and expanded free digital services.
The new pricing includes free point-of-sale purchases for basic account holders, senior citizens and bundle customers. It also offers bundled banking options at a set monthly rate.
For SMEs and commercial clients, the bank adjusted pricing to lower trading costs, improve financial tracking and support access to growth solutions.
Amupolo said lower EFT fees and free inter-account transfers aim to encourage digital use, which she described as important for long-term financial stability.
She said small and medium enterprises play a key role in economic growth and job creation. By lowering transaction costs and making pricing clearer, the bank aims to help businesses formalise operations, strengthen financial records and improve access to working capital.
