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Nedbank scraps cash deposit fees

Nedbank took the lead among the commercial banks this week by being the first to comply with the Bank of Namibia directive to scrap cash deposit fees. Following the recent directive by the Bank of Namibia (BoN), by means of which commercial banks will be obliged to scrap cash deposit fees, Nedbank Namibia Limited has announced that such fees will no longer be in effect from 1 March. “The deadline for compliance with the BoN directive is 31 March, but at Nedbank Namibia our belief is to pass any such benefits to our clients as soon as our systems are aligned to facilitate the stipulations of the directive,” said Nedbank Namibia’s Managing Director, Lionel Matthews. In terms of the directive, individual clients are exempted from paying cash deposit fees, while small and medium-sized business enterprises with an annual turnover of less than N$1 million (one million Namibia Dollars) will also receive this benefit. “Following a review of our entire client portfolio, our dedicated relationship managers will contact business owners directly in an endeavour to highlight the derived benefits of Nedbank Namibia’s decision to implement the directive before the deadline of 31 March,” concluded Matthews.The earlier implementation of the BoN directive should allow for increased disposable income to households and the bank has expressed the wish that the additional funds will be expended wisely.

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