FNB stokvel brings inclusion, transparency

First National Bank (FNB) Namibia’s new weSave group savings account aims to promote transparency and financial inclusion by enabling structured, collective saving for stokvel-style groups.

FNB says the group savings account allows members to collectively commit to saving towards a shared goal.

Members enter into an agreement to contribute a fixed amount over a defined period for a common purpose, fostering financial discipline and accountability within a trusted group.

Speaking at the launch in Windhoek, FNB head of investment Ziggy Muinjo says the weSave account allows three individuals to open an account and add more than 90 additional members, all of whom will have equal access.

To open a weSave account, the three primary members are required to submit valid identification documents, proof of residence not older than three months, and complete an application form.

“What this product offers is transparency, security and a structured way of saving together. FNB aims to enable multiple individuals, whether they bank with FNB or not, to save collectively with friends and family,” Muinjo says.

Meanwhile, FNB head of retail and chief executive Mbo Luvindao highlights the weSave account’s role in fostering a culture of collective saving and financial inclusion.

“WeSave is inspired by African togetherness and is designed to help people save collectively towards a common goal. Many of us are familiar with the stokvel concept, which has existed for generations across Africa,” Luvindao says.

He further notes that the launch signals FNB Namibia’s commitment to offering relevant and inclusive financial solutions that align with how Namibians live, support one another, and build their futures.

“Having a bank account alone does not equate to inclusion; it is about usage and removing barriers,” Luvindao says.

By leveraging FNB digital banking, the product removes traditional barriers to group saving, making it easier for customers to participate in structured savings regardless of location, income level or group size, he says.

Economist Omu Kakujaha-Matundu says the bank’s stokvel encourages financial inclusion by bringing more people into the banking sector. This helps mobilise savings that other sectors can use to grow the economy.

“That is not a very bad idea,” he said in a recent interview with Desert FM.

He added that once the funds are saved, the money can be distributed evenly to each member at the end of the year.

Kakujaha-Matundu said because every member is notified of each transaction, transparency increases and the burden on a single person managing the money is reduced.

“So for transparency that is a good one. There could be added benefits such as perhaps negotiating formally with the bank to maybe give them a loan based on their stock account. They can also do other things like starting bigger businesses,” he said.

He, however, warned members to read the fine print when signing up for the account to avoid entrapment. He said the account should be free entry and free exit.

“I would have loved to see this kind of digital money platforms to be businesses for the youth, like our youth projects that have been now rolled out by the government for them to partner with these big institutions,” Kakujaha-Matundu noted.

• Additional reporting Nampa.

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