FNB’s Namibia announces increased fee structure for clients
Double increase for private wealth Lifestyle account holders
The bank said the “updated pricing structure is aimed at providing value-for-money, affordable banking whilst supporting ease and convenience for customers to by encouraging the use of various digital channels”.
In a press release issued to Confidente with the revised fee structure the bank announced the following changes:
The monthly account fee for pay as you use Gold lifestyle customers has gone up from 42.64 NAD to 46.00 NAD as from 1 July 2022.
For Platinum Lifestyle account holders, they will have to top up a 4 NAD extra as the-pay-as you-use monthly account fee has increased from 82.
80 NAD to 86.65 NAD.
Cash withdrawal fees have also increase for Gold Lifestyle and Platinum Lifestyle customers who will pay 20 cents more per transaction.
Internal Debit Order Fees for Gold Lifestyle, Platinum Lifestyle and Senior Private Wealth Lifestyle have however been cut in half across the board from 8.
50 NAD to 4.50 NAD respectfully.
Political commentator Michael Hamuvindu questioned the timing of these increases.
He told Confidente in a telephonic interview that the fee increases for high net individuals that have doubled could be seen as an incentive for them to migrate to digital transactions in order to pay lesser fees.
Hamuvindu however lamented the increase in user fees for the different account holders saying the timing is off.
“We should look at the pandemic induced accommodative stance by the financial sector and I am suspecting that they are trying to recoup that money and as they say, there is no free lunch” Hamuvindu theorised.
“I think from all sides, people are still trying to get their feet. Farmers are still restocking, nurses, teachers are still trying to adjust to what is happened in the past two years, one would have wished they also incentivized the lower income people because I don’t see it reflected in the new fee structure”, Hamuvindu further said.
On the decrease of internal debit orders 8.50 NAD to 4.50 NAD Hamuvindu said the incentive is to cut foot traffic into the bank, increase digitalisation and to decrease bank overheads in the long run by cutting on employment expenditure as banks embrace technology.
The press release highlighted the Executive at FNB for Retail Banking Nangula Kauluma’s insistence that the bank appreciates that its customers are facing numerous financial pressures and that the revised fee structure is in line with inflation.