FNB Namibia has made withdrawing cash easier for its customers through the cash-back option at points of sale (tills) as a way to avoid queues at the ATM or the bank.
The cash-back option at points of sale is nothing new, but it is an option FNB Namibia would like to promote even more, especially in areas where ATMs or physical branches are hard to reach, and where digital options do not necessarily operate optimally at all times.
This was said by Jerry Elago, head: customer digitisation and partner banking at FNB Namibia.
“Even though FNB Namibia has a strong presence in Namibia with ATMs, points of sale, branches and the availability of all digital channels – due to the vastness of the country, there is always room for improvement – especially when it comes to the accessibility of funds for our customers.
“We currently have 167 retailers from Aminuis and Epukiro to Khorixas and Windhoek who offer the cash-back option at the till, and they are ready to serve our customers,” he noted.
Elago said financial services are an important ingredient to poverty reduction, and studies have shown that inclusion can accelerate economic growth, reduce income inequality, and spur innovation. FNB believes that access to services at financial institutions will lead to savings, which in turn could insure against bad debts.
Financial inclusion has been on the radar of the government since independence, and strides have been made by various financial institutions, including the commercial banks, to bring banking closer to all Namibians.
“FNB Namibia wishes to encourage Namibians to make use of the cash-back at selected points of sale, to prevent customers having to queue for long periods, or having to travel great distances just to withdraw cash,” Elago said.
He explained the process for withdrawing money at a till:
1. Take your purchase item to the till.
2. For example, if the cost of the item a customer wishes to buy is N$10, ask for any amount of cash from the till – for example N$100 cash.
3. The cashier will then swipe your card for N$111,50 (cash plus the purchased item and 15% VAT)
4. Walk away with your item and the cash.
