Mobile phone banking hits Namibia

ANOTHER new financial product – a first for Namibia – will hit the market today when Bank Windhoek rolls out its cellphone banking system, which will enable the bank’s customers to conduct banking services via mobile phones.

The new financial product is a collaboration between Bank Windhoek and Mobile Telecommunications Limited (MTC), and Bank Windhoek customers can from today do their banking any time using their cellphones from any place with MTC coverage. Bank Windhoek has around 100 000 clients, who are all eligible for cellphone banking.Full access to cellphone banking will allow clients to do balance enquiries, view a mini-statement, do money transfers, top up Tango accounts or pay MTC contract accounts.As with all other banking products, various service charges apply, the highest of which is N$4,45.Bank Windhoek says some services would be free of charge and it hopes this will attract existing and potential customers to become part of the new-age banking system.Lately new financial products, mainly targeted at incorporating the poor into the world of banking, have flooded the Namibian market.According to the commercial bank, the cellphone banking system was tested extensively during the past 12 months.Bank Windhoek has around 100 000 clients, who are all eligible for cellphone banking.Full access to cellphone banking will allow clients to do balance enquiries, view a mini-statement, do money transfers, top up Tango accounts or pay MTC contract accounts.As with all other banking products, various service charges apply, the highest of which is N$4,45.Bank Windhoek says some services would be free of charge and it hopes this will attract existing and potential customers to become part of the new-age banking system.Lately new financial products, mainly targeted at incorporating the poor into the world of banking, have flooded the Namibian market.According to the commercial bank, the cellphone banking system was tested extensively during the past 12 months.