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FNB uses fee structure to enhance attractiveness of digital banking channels

FNB uses fee structure to enhance attractiveness of digital banking channels

FNB has decided not to adjust its service fees on so-called alternative banking channels, opting instead to support the noticeable shift from cash to electronic transfers and other cashless payments.

The bank sees this as a strategic move to entice more existing customers to start using self-service banking, or to abandon cash payments completely.

Announcing its new fee structure, the bank’s Executive for Retail Banking, Nangula Kauluma, said “When conducting the annual review of our pricing for transactional banking, we considered the current operating environment coupled with the unique circumstances businesses and individuals are likely to face in the short to medium term.”

“We also altered our fee structures to support the shift from cash transactions to electronic transfers and cashless payments,” she added.

FNB is well aware that customers are facing financial pressures, and due to this price increases have remained unchanged in many instances. “The financial impact of COVID-19 has also highlighted some gaps in the way customers manage their banking so we will be giving customers even more value to enhance their banking behaviour through our Rewards programme,” Nangula continued.

The bank has seen impressive adoption of the FNB mobile banking app and digital channels, which both offer added functionality, and has positioned the reviewed fees to encourage the use of online and digital offerings. Customers’ fees on card swipes have remained the same for the forthcoming financial year, after a 20% reduction in 2020.

“Our priority is to help our customers manage their ease and cost of banking. We remain committed to continuously strengthening our value propositions to provide trusted, relevant, and frictionless banking solutions to assist and support our customers who are consumers that actively participate in the Namibian economy,” she said.


 

About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and is working on her degree in Journalism at the Namibia University of Science and Technology (NUST). She believes education is the greatest equalizer. She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.