NORMALLY, the main reasons why consumers switch banks is either excessive fees, poor customer service or service mobility benefits.
The Bank of Namibia last month released a comprehensive report comparing different banking fees and charges by banking institutions in Namibia, and Nampost Savings Bank, as at 30 September 2019.
The central bank said the report is for public use, and is not intended to provide official financial advice to any particular individual.
The institutions listed in the report are Atlantico Bank Namibia, Bank BIC, Bank Windhoek, First National Bank, Letshego Bank Namibia, Nampost, Nedbank Namibia, Standard Bank Namibia, as well as Trustco Bank Namibia.
The Bank of Namibia said their position regarding banking, as per the Payment System Management Act, is “to ensure that the fees or charges payable by a user are in the public interest and promote competition, efficiency and cost-effectiveness in service delivery, and comply with the standards determined by the bank”.
As of 30 September this year, the banking sector had N$108,4 billion worth of deposits on their books, and N$101 billion given out as loans.
The full report is available on the Bank of Namibia’s website.
Email: lazarus@namibian.com.na
Twitter: @Lasarus_A
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