Standard Bank fees down

STANDARD Bank Namibia has reduced its point of sale fees by 17% as of 1 January 2019, as a way to allow savings on transactional costs everytime their clients make a swipe purchase.

In a statement released yesterday, the bank’s head of personal and business banking, Mercia Geises, said their annual pricing review is in line with their customer-centric approach, committed to provide Namibians with access to affordable and accessible banking services.

“To ensure that the benefits of technological changes are passed on to our customers, our business banking clients, including small and medium enterprises, will now enjoy a 30% reduction in electronic transaction fees on our internet banking platform. We will not be increasing electronic banking fees for our retail clients on internet banking, cellphone banking and the Standard Bank APP. Monthly subscription for all our electronic channels are free of charge,” Geises said.

As part of the pricing review, monthly management fees for pensioners were reduced to zero and the bank further introduced interest payment on positive current account balances held by pensioners.

Debit order fees will remain unchanged and penalty-based fees on unpaid debit orders will be reduced by 50%.

“It makes no sense to dig a deeper hole for a customer who is already finding it difficult to catch their breath,” added Geises.

Standard Bank’s head of personal banking, Rejoice Itembu, added: “Our bundled pricing option offers unlimited electronic transactions which include domestic debit card purchases, inter- account transfers, and electronic payments. Additionally, the bundle includes funeral cover to the value of N$10 000, physical impairment cover up to N$110 000 and death cover up to N$110 000”.

Itembu further encouraged clients to make use of Standard Bank’s digital channels, saying; “As we continue to digitise our services with the latest technology our internet banking, cellphone banking, the Standard Bank App and Paypulse provide you with access to banking services at your convenience, 24/7 in the palm of your hand. Through these self-service channels our customers can conveniently buy airtime, buy electricity and send money to friends and family by issuing them with a blue voucher.”

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