Select Page

Zero maintenance fees account recently launched by Nedbank

Zero maintenance fees account recently launched by Nedbank

The first-ever zero-maintenance fees bank account was launched earlier this month by Nedbank Namibia.

The account referred to as the ‘Pay-As-You-Use account’ allows clients of any age or income group to pay bank charges only when they make a transaction.

“We are excited to launch the Pay-As-You-Use bank account which does not carry any monthly maintenance fees. Nedbank has designed the account for customers who do not transact frequently, or who want to be in charge of their monthly banking fees on a per transaction basis. In our view, it is the most affordable bank account in its category in Namibia,” said Richard Meeks, Retail Banking Executive at Nedbank.

The account is in contrast to the bank’s Gold Bundled account, where the customer is charged a fixed amount of N$130 for unlimited banking transactions, including Point of Sale swipes and ATM withdrawals.

“Simplifying our product range in this way allows us to put more focus on understanding and serving the customer’s needs, as opposed to maintaining the complexity of a broad product range. The Pay-As-You-Use account forms part of Nedbank’s initiatives to offer easy, safe and convenient banking to clients,” Meeks explained.

Recently, Nedbank Namibia has also launched a new banking app called Nedbank Money Africa. Moreover, the bank announced its cash withdrawal service points has grown from 65 to 188 by introducing the Cashout service, which is available in all major retail stores countrywide.

Caption: Richard Meeks, Retail Banking Executive at Nedbank.


About The Author

The Staff Reporter

The staff reporter is the most senior in-house Economist reporter. This designation is frequently used by the editor for articles submitted by third parties, especially businesses, but which had to be rewritten completely. - Ed.