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Code of Banking Practice launched

Ipumbu Shiimi Governor of the Bank of Namibia, Ericah Shafudah, Permanent Secretary of the Ministry of Finance and Christo de Vries, Chairman of the Bankers Association of Namibia (BAN) at the launch of the Code of Banking Practice in Namibia and Guidelines for Lodging Customer Complaints.

Ipumbu Shiimi Governor of the Bank of Namibia, Ericah Shafudah, Permanent Secretary of the Ministry of Finance and Christo de Vries, Chairman of the Bankers Association of Namibia (BAN) at the launch of the Code of Banking Practice in Namibia and Guidelines for Lodging Customer Complaints.

The Governor of the Bank of Namibia, Mr Ipumbu Shiimi and the Chairman of the Bankers Association of Namibia, Mr Christo de Vries, jointly launched the Guidelines for Lodging Customer Complaints of the Bank of Namibia and the Code of Banking Practice of the Bankers Association of Namibia at a function held in Windhoek on Thursday, 28 February.
Christo de Vries.said that the launch signifies a commitment by the banking sector and regulator to work together to the benefit of the consumers of banking products and services in Namibia.
The Code of Banking Practice has been developed to promote good banking practices by setting minimum standards for banks when dealing with their clients, increase transparency so that clients can have a better understanding of what they can reasonably expect from the products and services of banks, promote a fair and open relationship between clients and their bank, foster confidence in the banking system, promote the speedy and effective handling and resolution of complaints.
The Guidelines for Lodging Complaints on the other hand have been developed by the Bank of Namibia to guide clients of commercial banks when wanting to lodge their complaints to the Bank of Namibia. The Guidelines further establish complaint handling procedures in the Bank of Namibia to ensure a consistent approach in complaints resolution.

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