Don’t force our hand, banks told

BANKS and lending institutions should become transparent about rates and fees they charge clients for services and must make bank statements more user friendly, a Parliamentary Committee has recommended.

Banks should further be required to ensure that their clients always know about all changes affecting them. Swapo MP Dr Hage Geingob, who chairs the Parliamentary Committee on Economics, told the National Assembly this week that his committee had held wide-ranging consultations with the finance sector last year after a motion on the issue was tabled in the House.The issue should now be referred to the Competition Commission for further investigation and recommendations on how legislation could be changed to make the situation fair for clients and banks alike.”The new Credit Act to be implemented in South Africa provides an example,” he said.He added that banks were not the only institutions charging fees for services.”Estate agents, insurance companies, lawyers and others should also be investigated and through the Competition Commission be forced to look at the services they render versus the value for money their clients are getting.”Geingob said the Committee had met with the Bank of Namibia, where it was suggested that NamPost’s savings bank should be registered as a full-fledged bank to compete on an equal footing with commercial banks.”At that meeting it was also mentioned that it could be a good thing to allow foreign banks to open branches in Namibia to enlarge the playing field and give clients a larger range of products,” Geingob said.Swapo MP Dr Hage Geingob, who chairs the Parliamentary Committee on Economics, told the National Assembly this week that his committee had held wide-ranging consultations with the finance sector last year after a motion on the issue was tabled in the House.The issue should now be referred to the Competition Commission for further investigation and recommendations on how legislation could be changed to make the situation fair for clients and banks alike.”The new Credit Act to be implemented in South Africa provides an example,” he said.He added that banks were not the only institutions charging fees for services.”Estate agents, insurance companies, lawyers and others should also be investigated and through the Competition Commission be forced to look at the services they render versus the value for money their clients are getting.”Geingob said the Committee had met with the Bank of Namibia, where it was suggested that NamPost’s savings bank should be registered as a full-fledged bank to compete on an equal footing with commercial banks.”At that meeting it was also mentioned that it could be a good thing to allow foreign banks to open branches in Namibia to enlarge the playing field and give clients a larger range of products,” Geingob said.