‘Stand up for your financial right’

MEMBERS of the public have been called upon to challenge the banking sector on matters which involve their finances and personal savings.

Speaking at the launch of the country’s first ever Banking Week in Windhoek on Friday, Minister of Finance Saara Kuugongelwa-Amadhila expressed disappointment at the lack of consumer education and initiative by Namibians to question financial issues that affect their daily lives. Of late there has been a public outcry about high bank charges, which consumers hope will be addressed soon to the benefit of the public.The Minister called on the banks to be more open and receptive to people’s requests and needs, and to simplify the normally complex information sent out to their customers.Addressing those in attendance, which included bank chiefs from all four commercial banks, Kuugongelwa-Amadhila said it was high time the poor, especially those living in rural areas, were incorporated into the banking system – a vital part of the country’s economic development.The issue of the Financial Services Charter also came up, with the Minister calling for the speedy completion of this draft, which would see to the regulation of the important sector and pave the way towards embracing the previously disadvantaged.The charter would take into consideration issues such as BEE, black-owned companies, SMEs, women’s enterprises and procurement processes.The charter was due for completion last year December.The Minister commended the Banking Week initiative as a step in the right direction towards opening up and welcoming customers.Banking Week is an event organised by the Bank of Namibia and the Bankers’ Association of Namibia (First National Bank, Bank Windhoek, Nedbank and Standard Bank) and takes place from today until Friday.During this time, the banks will educate the public on the importance of the banking industry in Namibia in a bid to heighten financial literacy.As part of the educational drive, the Banking Week will see a road show which will visit Windhoek, Okahandja, Otjiwarongo, Grootfontein, Tsumeb, Ondangwa and Oshakati.Bank of Namibia Governor Tom Alweendo said armed with the correct information and education, consumers would understand the rationale behind the central bank’s monetary policy intervention.”In today’s complex financial markets, financial education is central to helping consumers make better decisions for themselves and their families,” he said.Of late there has been a public outcry about high bank charges, which consumers hope will be addressed soon to the benefit of the public.The Minister called on the banks to be more open and receptive to people’s requests and needs, and to simplify the normally complex information sent out to their customers.Addressing those in attendance, which included bank chiefs from all four commercial banks, Kuugongelwa-Amadhila said it was high time the poor, especially those living in rural areas, were incorporated into the banking system – a vital part of the country’s economic development.The issue of the Financial Services Charter also came up, with the Minister calling for the speedy completion of this draft, which would see to the regulation of the important sector and pave the way towards embracing the previously disadvantaged.The charter would take into consideration issues such as BEE, black-owned companies, SMEs, women’s enterprises and procurement processes.The charter was due for completion last year December.The Minister commended the Banking Week initiative as a step in the right direction towards opening up and welcoming customers. Banking Week is an event organised by the Bank of Namibia and the Bankers’ Association of Namibia (First National Bank, Bank Windhoek, Nedbank and Standard Bank) and takes place from today until Friday.During this time, the banks will educate the public on the importance of the banking industry in Namibia in a bid to heighten financial literacy.As part of the educational drive, the Banking Week will see a road show which will visit Windhoek, Okahandja, Otjiwarongo, Grootfontein, Tsumeb, Ondangwa and Oshakati.Bank of Namibia Governor Tom Alweendo said armed with the correct information and education, consumers would understand the rationale behind the central bank’s monetary policy intervention.”In today’s complex financial markets, financial education is central to helping consumers make better decisions for themselves and their families,” he said.