The Bank of Namibia has released its latest Banking Fees and Charges Comparison Report for December, providing a clear picture of how much Namibians pay to use basic banking services.
The report looks at fees charged on the Basic Bank Account (BBA), which is mainly used by low-income earners, pensioners and those who want affordable banking. For many Namibians, small fees make a big difference.
According to the report, First National Bank (FNB) Namibia stands out by offering free card payments at shops for all customers, including BBA holders. This means customers can swipe their cards without paying a fee.
Other banks charge for card payments. Bank BIC charges the lowest fee at N$3 per transaction, while Nedbank Namibia (NBN) charges up to N$6. Atlantico Bank (ATL) does not offer card services.
“When it comes to debit orders such as funeral cover, insurance or other monthly payments, Bank BIC, Bank Windhoek (BWK) and Standard Bank Namibia (SBN) allow BBA customers to make both internal and external debit orders for free,” the report stated. Bank BIC also allows BBA customers to send money to clients at other banks for free using its mobile banking app. For cellphone banking (USSD) transfers, Letshego Bank Namibia (LBN) and Nedbank Namibia charge the lowest fee of N$4.70.
“Cash remains important for many people. Rules from the Bank of Namibia allow three, free ATM withdrawals per month at a customer’s own bank,” the report stated.
After that, banks charge different fees. Withdrawals at another bank’s ATM are capped at N$35, to make sure people can access cash anywhere.
Letshego Bank Namibia does not have its own ATMs, while Atlantico Bank does not offer card or ATM services at all.
All banks charge for cash withdrawals inside a branch. However, Letshego offers two free branch withdrawals per month to senior citizens aged 60 and above, with a limit of N$1 600 per withdrawal. The report also compares fees for exchange control applications sent to the Bank of Namibia.
For normal applications, Atlantico Bank charges the lowest fee at N$750, while Nedbank Namibia charges the highest at N$1 840. For urgent applications, Bank BIC Namibia charges N$1 000, while FNB charges up to N$2 000. The Bank of Namibia said the report is intended to help the public easily compare bank fees and make informed choices. For people living on tight budgets, even a few dollars saved on banking fees can help cover food, transportation, or school expenses.
“A comparison of banking service charges reveals notable differences across institutions. NMP (NamPost) stands out as the only bank charging a monthly account maintenance fee of N$22.10, while all other banks provide this service at no cost,” BoN stated.
When it comes to prepaid airtime purchases, fees vary considerably. FNB imposes the highest charge at N$2.60 per transaction, followed closely by SBN at N$2.50 and NBN at N$2.10. In contrast, BIC and BWK offer prepaid airtime services at no cost.
“Access to electricity purchase services is not uniform across banks. ATL and NMP do not provide this service at all, whereas the remaining banks allow customers to purchase electricity at no cost,” BoN said.
The cost of obtaining a bank account confirmation letter also differs. ATL, BIC, BWK, and LBN issue these letters free of charge.
On the other end of the spectrum, NBN charges the highest fee at N$55.00, followed by FNB at N$50.00. NMP applies a differentiated fee structure, charging N$50.00 to businesses and N$5.00 to individual customers.
Pensioners benefit from fee exemptions across nearly all banks, with monthly account service fees universally waived except at NMP, which continues to charge N$22.10 per month.
Digital wallet services show further variation. Charges for sending money are generally based on transaction value brackets.
Although LBN does not operate its own digital wallet, it facilitates ‘Send Money’ transactions through SBN’s infrastructure.
Cash-out services also differ by bank. BWK allows customers one free cash-out per day, after which additional withdrawals cost N$10.50 each. FNB, however, offers cash-out services at retail tills at no charge.
