It is vital that banking customers know and understand how their banks should treat them. 

Customers should expect their banks to provide them with information in a plain and understandable manner and language, ensure enquiries are attended to promptly and provide affordable and accessible banking services. 

This is according to Dantagos Jimmy, CEO of the Bankers Association of Namibia (BAN). 

She stated that the relationship between banks and customers is based on each party understanding its role and responsibilities. 

She added that banks have a responsibility to take care of its client’s assets. 

On the other hand, customers should expect and demand fair treatment from their banks. 

“Customers have a responsibility to provide banks with the correct personal information during the verification process. As part of your application for an account or credit, be honest and truthful with the information you share with your bank. It is also important that, as a client, you read and understand the general and specific terms and conditions which govern banking products offered to you,” Jimmy stated. 

Established in 1987, the Bankers Association of Namibia (BAN) acts as the representative trade association for the commercial banking sector in the country. 

It has a mandate to ensure that, in addition to doing the above, banks have a responsibility to treat customers fairly. Jimmy added that banks play a critical role in any society, noting that their responsibility goes beyond just providing vaults for safeguarding the savings of its customers. 

“They provide an important service in ensuring that trade and industry thrive, that individuals can save their money and grow their wealth, and that a country’s economy can flourish because of a well -established banking and financial services industry,” she stated. 

The BAN emphasised that banks should take reasonable measures to attend to the physical needs of customers with disabilities, display promotional material that is transparent, fair, reasonable and not misleading, and provide customers with information of the statutory body lawfully empowered to resolve disputes related to banking. 

Banks should further acknowledge any formal complaint lodged by a customer within three business days. 

In addition, they should investigate the complaint and revert to the customers within a reasonable time. 

She further cautioned that customers need to take special care not to over-extend themselves when they take up products from banks, particularly credit. 

From the customer’s side, it is imperative that they immediately inform banks of any changes in their contact details, financial information or any financial difficulty. 

In addition, they should always protect personal details, inform the bank immediately when there is any suspicion of fraudulent activity on their account, and exercise care when using internet of cellphone banking. 

“It is important that customers take their responsibility when dealing with banks seriously. It is after all your hand-earned money that you will be protecting,” Jimmy stated.