Nam-mic launches e-banking platform for informal traders

Nam-mic Payment Solutions recently introduced an electronic payment system called NISO. The payment system is aimed at servicing over 6000 informal sector operators. The initiative will facilitate the transition of informal operaters into the formal economy. This is motivated by the financial service provider’s drive to bring marginalised working groups in Namibia into the financial mainstream, affording them accessibilty to banking services across the country according to a presentation at the product launch.

The NISO Card was launched by Nam-mic on Tuesday in Ongwediva. Members will be available to use their mobile phones, NISO cards and the internet to effect financial transactions and will earn discounts at participating merchants. In a statement issued after the launch, Nam-mic said the account is a low cost, pre-paid, non expiry transactional electronic account regulated by the Bank of Namibia. Members of the NISO Card platform would further be able to use the Bank Windhoek branches country-wide as well as the network of ATMs and participating Bank Windhoek branches and Nam-mic payment merchants. Users would further be able to take out loans issued by Bank Windhoek directly linked to their Nam-mic accounts, be able to transfer money, purchase electricity, have access to short term insurance, health insurance and save money as well.  Mr Abri Krige, Operations Executive of Nam-mic Payment Solutions said, “The NISO Card complements Nam-mic Payment Solutions’ strategy to bring a cost effective and viable, non-discriminatory financial payment instrument into the financial market that is accessible to all Namibians. This is also in line with the NISO mission of providing opportunities to its constituents in transitioning them into the mainstream economy through co-operation agreements with industry role players. It is imperative in the initiatives of social and economic upliftment that we continue to drive Financial Inclusivity and the creation of job opportunities. Let us join hands to assist in the upliftment of the informal sector, seeking economic development and economic freedom for all Namibians.”