Another basic bank account launchedBy: STAFF REPORTER
BANK Windhoek has become the second commercial bank to offer a basic bank account ahead of the Bank of Namibia’s (BoN) deadline of the end of October.
FNB Namibia in June launched the first basic bank account (BBA) in the country in June after the BoN instructed all commercial banks to offer one to all individuals earning N$2 000 or less a month before October 31.
Bank Windhoek yesterday said it has revised the fees of its EasySave transaction account, which was launched in 2006, to meet the requirements of the BoN.
The new EasySave account will be relaunched on Wednesday and all existing as well as new EasySave clients will benefit from reduced fees as from August 1, the bank said.
Among others, the account will have no monthly service fees, a debit card for point-of-sale and ATM transactions, and no cash or cheque deposit fees. As per BoN directive, people who open the account will not have to provide proof of income.
The BBA initiative is in line with the financial sector strategy and the BoNs key strategic focus areas and plan until 2016.
The BoN has said it will “actively monitor” BBAs to “ensure that those targeted benefit from this product”.