Normal Namibian citizens are finding it increasingly challenging to afford basic necessities. This deplorable situation is being exacerbated by skyrocketing interest rates, coupled with consistently rising inflation and persistent rate hikes.

Commercial banks are also on the rate hike bandwagon with First National Bank (FNB) Namibia’s Gold Lifestyle account’s monthly account fee recently going up from N$46 to N$48.50 for pay as you use services. Further, cash withdrawal at FNB ATM increased from N$13.05 per N$500 to N$13.70 per N$500. The Gold Lifestyle account is for FNB customers who earn between N$7000 to N$25 000 per month or N$84 000 to N$299 999 per annum.  

These figures where contained in the 2023/24 commercial bank pricing guide. The increases, effective from this month, will force just over 700 000 FNB Namibia customers to make vital decisions between fuel, food, water or sanitation, or using banking services. 

Meanwhile, cash withdrawal fees at FNB branch went up from N$95 + 3.62% to N$100 + 3.80%. eWallet fees also increased as follows: N$0 - N$500 is N$12, N$501-N$2000 is N$15, N$2001 - N$4 000 is N$30 while N$4001 - N$5 000 will cost N$40. 

Bank Windhoek

For Bank Windhoek withdrawals at its ATMs, a customer pays N$11.60 per N$300 with a minimum of N$11.60 and maximum of N$60. 

At another banks ATM, a Bank Windhoek customer pays N$5.60 plus N$13.70 per N$500.00 with a maximum of N$35.00. Furthermore, EasyWallet charges are: N$0.00 - N$500.00 = N$12.50, N$501 - N$1 000 = N$23.20, N$1 001.00 - N$1 500 = N$34.80, N$1 501 - N$4 000 = N$36.04, N$4 001.00 - N$5 000 =N$37.00. 

Nedbank charges

On transactional fees and charges, Nedbank Namibia charges for 2023/24 period states that for cash withdrawals, customers pay N$2.75 per N$100 at the bank’s ATM. A Nedbank customer pays N$5.60 + N$13.70 per N$500.00 (max N$35.00) for cash withdrawals at other banks ATM’s. 

To send money, customers are charged the following: 0 - N$500 = N$11.50, N$501 - N$1 000 = N$22.00, N$1001.00 - N$1 500 = N$29.50, N$1 501 - N$5 000 = N$34.50. Nedbank 2023/24 fees started from 6 March 2023 until 4 March 2024.

Standard Bank Namibia

Blue voucher charges are as follows: N$20 – N$500 = N$12.50, N$500 - N$1 000 = N$24, N$1 000 – N$2 000 = N$30, N$2 000 - N$4 000 = N$34.50, N$4 000 - N$5 000 = N$42.

Banks performance

FNB Namibia’s earnings for the six months ended 31 December 2022 increased by 38% to N$813 million. Pre-provision profits grew 33% to N$1 271 million from N$957 million, income from operations increased by 22% to N$2 265 million and the group produced N$348 million of economic profit, or net income after cost of capital (NIACC), which is one of the group’s key performance indicators. 

Nedbank Namibia recorded a total income of N$1.2 billion for the year ended 31 December 2022, representing an increase of 13% from the previous financial year, with profit after tax up by 35% to N$275 million.

Capricorn Group Limited achieved solid results with profit after tax for the six months ended 31 December 2022, increasing by 20.3%, compared to the prior period. –mndjavera@nepc.com.na