Staff Reporter

In a further bid to provide relief to its clients and to mitigate the negative impact of Covid-19, Standard Bank confirmed a decrease in its prime lending rate following the Bank of Namibia’s decision to cut the repo rate by 100 basis points from 5.25% to 4.25%.
Following the Bank of Namibia’s decision, Standard Bank Namibia decreased its loans, advances and deposits interest rate with 1%, effective 16 April 2020. 
The reduction of the prime lending rate is meant to provide relief to customers in addition to several measures taken by Standard Bank to mitigate the effects of Covid-19. 
These measures include: Waiving all transactional fees relating to Value Added Services (TV subscription, electricity purchases, TN Mobile/MTC prepaid-airtime, TN Mobile / MTC contracts) while cell phone banking and third-party payments have been discounted with 25%.
Extending capital and interest payment holidays to customers in the tourism and hunting sectors as well as SMEs whose income is impacted by Covid-19. Student loans in good standing will also attract 0% interest.
 “We invite our clients who have been impacted by Covid-19 to approach the bank for a review on a case-by-basis. 

We trust that these measures will enable our clients to withstand and absorb the economic shockwaves brought about by Covid-19. We encourage our customers to make use of Our digital channels such as Internet Banking, Standard Bank App, USSD and PayPulse, which enable clients to transact, including paying bills and pay for goods and services from the comfort of their offices, homes or wherever they may find themselves,” read a Standard Bank statement.