Local banks drop digital fees

'Stay home'

31 March 2020 | Banking

Both FNB Namibia and Standard Bank Namibia this weekend lowered fees on their digital platforms to encourage the public to stay at home during the lockdown.

From 1 April to 30 June, all transactions done on the FNB App will be free, the retail executive of the bank, Nangula Kauluma, said on Sunday.

As of the 1st of April, until the 30th of June 2020, FNB will be making all transactions done on the FNB App free, at a 100% discount.

The discount applies to payments, transfers, purchases of prepaid airtime and electricity on the FNB App. The FNB App is free to download and access and does not carry any additional data charges.

Kauluma encourages all customers to swipe as opposed to using cash in these times. FNB has reduced the swipe fee by 50% for all customers on Pay As You Use Pricing Options, with Kauluma noting that this fee is already free for all customers on Electronic Pricing Options.

All FNB Namibia cashback withdrawals at a Point of Sale will be free. This means FNB customers can withdraw from their accounts at no charge from branded tills at their favourite Retailers including Shoprite, USave and Checkers.

Additionally, FNB retail customers are encouraged to make use of FNB ATMs that allow retail customers to deposit up to N$20 000 into any FNB account without any additional charges.

Commercial customers' ATM/ADT deposit fees have also been significantly reduced.

“All customers are encouraged to make use of FNB's widest range of digital services in the country, in order to stay safe and limit the spread of COVID19. We wish all our customers a safe lockdown at home,” concluded Kauluma.



Standard

Standard Bank Namibia said all transactional fees related to value-added services such as TV subscriptions, electricity and airtime purchases have been waived.

Cellphone banking and third-party payments through Enterprise Online, Internet Banking and the Standard Bank App will be discounted by 25% from 1 April until 30 June, the bank said, adding that charges on BlueVoucher transactions will be reduced by 10%.

“We encourage our clients to transact from their homes using our digital offerings,” the bank said in a statement. “We urge customers to only visit our branches when it is necessary.”

The bank said visits to physical facilities present increasing risks of infections, or cross-contamination of the novel coronavirus, and are against the spirit of social distancing.