Standard Bank reduces bank fees

08 January 2019 | Economics

Standard Bank has announced in its annual pricing review that as of 1 January 2019, Point of Sale (POS) fees will be reduced by 17%, allowing savings on transactional costs every time the bank’s clients swipe to make a purchase.

“Our annual pricing review is in line with our 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 is free of charge,” said Mercia Geises, Head of Personal and Business Banking.

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

Debit order fees will remain unchanged while 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 said, “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$10000, physical impairment cover up to

N$110000 and death cover up to N$110000”.

Itembu further encouraged clients to make use of Standard Bank’s digital channels, “as we continue to digitize our services with the latest technology our Internet Banking, Cellphone Banking, the Standard Bank App and Paypulse provides 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, or send money to friends and family by issuing them with a BlueVoucher.”

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