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FNB cuts fees

FNB cuts fees

Business Reporter

First National Bank (FNB) Namibia has announced that as from 1 July 2019, their customers can look forward to transfer fees decreasing by 40%.

Swipe fees have been kept flat at N$5,00. Customers can also withdraw for N$5,00 with cashback/eWallet at point of sale devices. This fee is 54% cheaper than what it would cost at an FNB atm.

Chief Executive Officer of FNB Namibia, Erwin Tjipuka stated that the positive changes are part of FNB’s annual pricing review for 2019/2020.

He explained the changes reflect an integrated approach to helping customers with money management in line with their individual and family needs.

As in the past, FNB’s innovative messaging service – inContact, and prepaid electricity purchases, will remain free on all electronic channels.

FNB continues to offer customers making use of the Electronic Pricing Option unlimited free electronic transactions, free swipes, free purchases and free subscription to FNB’s electronic channels, such as FNB Online Banking, FNB Cellphone Banking, and the FNB App.

“The combination of reduced or unchanged banking fees, digital benefits such as data free App usage and free cash back rewards, show that we are highly competitive across our transactional accounts. We believe that, currently, our bank accounts and rewards offer customers the best value in the market. More importantly, customers can be assured that we will provide them with the best bank experience for their needs,” added Tjipuka.

The FNB Rewards programme has been a major behavioural driver over the past two years, encouraging the move to easier, cheaper, online, or mobile and card-not-cash transacting, rewarding customers with more than N$23 million paid back as cash to customers who have moved to more accessible channels, using their credit and debit cards, as well as digital channels.

“We pride ourselves on putting customers at the centre of our banking solutions and the changes we’ve implemented demonstrate our firm commitment to value-based banking. The changes we’re making will go a long way to building main-bank relationships with our customers,” concluded Tjipuka.


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