The new financial product is a collaboration between Bank Windhoek and Mobile Telecommunications Limited (MTC), and Bank Windhoek customers can from today do their banking any time using their cellphones from any place with MTC coverage.

Bank Windhoek has around 100 000 clients, who are all eligible for cellphone banking.

Full access to cellphone banking will allow clients to do balance enquiries, view a mini-statement, do money transfers, top up Tango accounts or pay MTC contract accounts.

As with all other banking products, various service charges apply, the highest of which is N$4,45.

Bank Windhoek says some services would be free of charge and it hopes this will attract existing and potential customers to become part of the new-age banking system.

Lately new financial products, mainly targeted at incorporating the poor into the world of banking, have flooded the Namibian market.

According to the commercial bank, the cellphone banking system was tested extensively during the past 12 months.

Marketplace News Headlines Of The Last 48 Hours

•  Financial meltdown knocks global factories
•  Tensions brew over EU's vetting of state aid to banks
•  DBN assistance paves way for women
•  China urges developed states to take lead in climate change
•  Bridgestone puts on the brakes at US plant Japanese firm will cut jobs and stop making tyres
•  Price transparency for Nam's telecoms sector
•  Consumer debt affects health
•  The mantra of the big guns and the cries of the back streets
•  SA mining unions call for halt to new lay-offs
•  Polytechnic receives financial boost
•  Nam moves to get ban on exports to SA lifted
•  BEE firms in SA must bail themselves out, say black managers
•  Maputo remains optimistic about foreign aid flows
•  US$500m biofuels project wants Mozambican labour to produce ethanol
•  Union asks leaders not to back down on aid for decent work
•  House market will worsen in South Africa, says Absa
•  Fortescue shares surge on bid rumours by BHP and China
•   Chinese manufacturing drops sharply
•  Ryanair makes new takeover bid for Aer Lingus