Standard Bank Namibia has rolled out a new fee structure aimed at cutting costs through free swipes, three free monthly cash withdrawals and cheaper digital services.
The structure came into effect on 1 January is aimed at making banking simpler, more affordable, and inclusive for all Namibians.
Standard Bank spokesperson Elzita Beukes in a media statement yesterday said the structure is also designed to put more money back into the hands of the public, while promoting convenient and secure banking.
She added that the structure also offers a 50% cut on digital banking, with services such as MyUpdate down to N$6.25, electronic fund transfers down to N$9.20 (free on bundles), and free inter-account transfers across automated teller machines, internet banking, and the app.
“Furthermore, the basic bank account upgrades, such as point of sale, and debit orders, are free,” she said.
Personal and private banking product head Nolan Angermund says the free swipes and withdrawals are just the start of their commitment to delivering value and convenience to their customers.
“Removing swipe fees and introducing free withdrawals encourages cashless, traceable transactions that are safer and more convenient. Over time, this will lower barriers to financial participation, especially for the unbanked and underbanked,” he says.
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