Banking at your fingertips

IN THIS day and age where banking on the go is synonymous to our fast-paced modern lifestyles, electronic banking is regarded as one of the most convenient, safe and easy ways to do your banking.

Nowadays many people do their transactions electronically whether it be online or via your mobile phone as opposed to carrying large sums of cash in the purse or wallet risking becoming a victim of crime.

Electronic wallets have become an in thing. Mobile or electronic wallets are basically electronic accounts.

Namibia’s top three big banks’ electronic wallets features allow customers to send money to anyone with a Namibian cellphone number.

The money is transferred instantly and can be withdrawn from the banks’ respective ATMs and can also be used to buy prepaid airtime, electricity and pay selected monthly bills.

The Namibian decided to do an explanatory piece on the cost of those digital wallets for our readers by talking to the three banks about how this service works and the costs involved.

This bank offers popular e-wallet service which was launched in October 2012 as a free introductory offering to customers.

The product first charged for transactions in June 2013, and has been charging ever since.

FNB customers are able to send money between N$20 and N$5 000 on e-wallet to any cellphone number in Namibia.

Since the lapse of the introductory free service, FNB charges N$10 for sending between N$20 and N$2 000; N$20 for between N$2 001 and N$4 000 and N$30 for sending between N$4 001 and N$5 000.

FNB manager for products, pricing and profitability Jerome Namaseb said the customers can withdraw up to the first N$2 000 of money sent by e-wallet for free.

Namaseb told The Namibian that FNB communicates its new pricing to customers on its website and through their FNB pricing guides, which are available at all branches countrywide.

“We also made an announcement in the media in June this year,” he said.

“Customers receive a free withdrawal with every e-wallet received. They can withdraw a maximum of N$2 000 in one go, thereafter customers are charged a flat N$10 fee per withdrawal. Customers can only withdraw from their e-wallets at an FNB ATM.

“Customers can also use the funds in their e-wallet to purchase airtime, electricity and pay for DSTV services and charges are applicable for these transactions. You can now also transfer your e-wallet into your transactional account from the FNB app. Customers can reverse an incorrectly sent e-wallet by calling 299 2222,” added Namaseb.

Standard Bank’s blue Wallet is a virtual account that allows customers to securely store, spend and save funds via their mobile phones.

A customer can securely save funds, send money to anyone with a registered mobile number, easily transfer funds from a Standard Bank account and even pay employees through the use of a Company Wallet.

An electronic wallet enables a customer to do banking at their fingertips. For instance, when shopping, the benefits of using blue Wallet allows you to pay for goods at selected retailers like Pick n Pay and Woermann Brock through a Wi-Code option.

Another feature is to make balance enquiries and view recent transactions on your phone, buy prepaid airtime, pay your DTSV account, buy prepaid electricity and also pay rates and taxes at the Windhoek and Walvis Bay municipalities. These are all value added services that one gets when banking with blue Wallet.

Blue Wallet is normally available on two platforms: One is on USSD where the customer simply dials *140*6626# on their mobile phone or online through the web link: https://bluewallet.standardbank.com.na/client/login

“You can also send money to anyone with a registered Namibian mobile number. The recipient will receive a Blue voucher, while for extra security, the PIN will be sent to the issuer who will then forward it to the recipient. The funds can then be redeemed at any Standard Bank ATM,” said Surihe Gaomas-Guchu, the bank’s PR and communications manager.

Another reason why using an electronic wallet is more convenient is that the fees are much cheaper than doing a transaction over the bank counter, according to her.

For instance, she said, to issue a Blue voucher, one only gets charged a minimal fee of N$5 per transaction. Airtime purchases cost N$1; money transfers cost N$2,50; Wi-Code cost N$1,50; Value Added Services (VAS) payments cost N$3,50 and electricity purchases are free of charge.

In its forever innovating banking journey, Standard Bank introduced Company Wallet through which an employer can pay employees.

“In order to register for Company Wallet, visit your nearest Standard Bank branch and register as a company. Once your Company Wallet is registered, you can log on to https://bluewallet.standardbank.com.na/client/login to access your wallet,” explained Gaomas-Guchu.

“To ensure that the mobile number is for the intended recipient – Standard Bank BlueVoucher provides extra security for users in that, as the issuer, you will receive the PIN, which you then forward to recipient, who is potentially saved as a contact on your phone,” she said.

As with any other transaction at an ATM, she encouraged consumers not to accept help from strangers when redeeming the Blue Wallet.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.