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  • Bank Windhoek to also implement BBA

Bank Windhoek to also implement BBA

WebDesk
July 30, 2012August 1, 2012 No Comments

WINDHOEK: Bank Windhoek will be the second commercial bank to introduce the Basic Bank Account (BBA) after First National Bank (FNB) with requirement by Bank of Namibia as part of the financial inclusion agenda in the country.

Bank of Namibia has requested all banks in Namibia to launch and implement a BBA before 31 October 2012 for individuals earning N.dollars 2000 or less per month.

In a statement issued here by Bank Windhoek’ department of Marketing and Corporate Communication Services on Monday said the bank will revise the fees of the EasySave account to fully comply with the standards of the Basic Bank Account.

The new EasySave account will be launched on Wednesday (01 August), as existing as well as new EasySave clients will benefit from reduced fees as from this date.

The statement said the new account will offer no monthly service fee, Free Life Cover of N.dollars 4 000 payable upon the account holders’ death to the beneficiaries, a Visa Electron Debit Card for Point-of-Sale transactions and Automatic Teller Machines (ATM) transactions.

The features are no cash deposit fees, annual Card fee will be free for the first two years, no Cheque Deposit fees, minimum balance of N.dollars 20 to be maintained on account and low ATM withdrawal fees of N.dollars 3.30 value added tax (Vat) included for an ATM withdrawal at Bank Windhoek’s ATMs and access to Bank Windhoek’s Cellphone Banking for paying accounts, sending money to friends and family by loading them as beneficiaries on your Cellphone Banking profile and top-up of Mobile Telecommunication Limited (MTC) Airtime.

The new account will offer access to Bank Windhoek’s Internet Banking facilities, access to Bank Windhoek’s range of savings products and Debit orders and Stop orders can be linked to the EasySave account.

Bank Windhoek launched its EasySave transaction account in 2006 as the first low-cost bank account in Namibia, making banking accessible to low income earners and inclusive of the previously unbanked population.

The statement said the criteria for opening of an EasySave account includes that no payslip required, provision of Namibian ID or Valid Driver’s License or Passport or Voters Registration Card, maximum annual turnover of N.dollars24 000 per annual of income of N.dollars 2000 or less per month, N.dollars 20 deposit to open the account and applicants must be 16 over 16 years old.

First National Bank (FNB) of Namibia launched its newly revised CardWise Zero product with new requirements set for the Basic Bank Account (BBA) for low-income earners on 21 June and became effective on 01 July .

(edited)WINDHOEK, 30 JUL (NAMPA) – Bank Windhoek will be the second commercial bank here to introduce the Basic Bank Account (BBA) after First National Bank (FNB).

This follows a Bank of Namibia directive that all banks in Namibia should launch and implement a BBA before 31 October 2012 for individuals earning N.dollars 2 000 or less per month.

In a statement issued here by Bank Windhoek on Monday, it said the bank will revise the fees of the EasySave account to fully comply with the standards of the BBA.

It said the new EasySave account will be launched on Wednesday, and existing as well as new EasySave clients will benefit from reduced fees as from that date.

The new account will offer no monthly service fee, Free Life Cover of N.dollars 4 000 payable upon the account holder’s death to the beneficiaries, a Visa Electron Debit Card for Point-of-Sale transactions and Automatic Teller Machines (ATM) transactions.

The features are no cash deposit fees, annual Card fee will be free for the first two years, no Cheque Deposit fees, minimum balance of N.dollars 20 to be maintained on account and low ATM withdrawal fees of N.dollars 3.30 value added tax (Vat) included for an ATM withdrawal at Bank Windhoek’s ATMs and access to Bank Windhoek’s Cellphone Banking for paying accounts, sending money to friends and family by loading them as beneficiaries on Cellphone Banking profile and top-up of Mobile Telecommunication Limited (MTC) airtime.

The new account will offer access to Bank Windhoek’s Internet Banking facilities, access to Bank Windhoek’s range of savings products and Debit orders and Stop orders can be linked to the EasySave account.

Bank Windhoek launched its EasySave transaction account in 2006 as the first low-cost bank account in Namibia, making banking accessible to low-income earners and inclusive of the previously unbanked population.

First National Bank (FNB) of Namibia launched its newly revised CardWise Zero product for low-income earners on 21 June this year, and it became effective on 01 July.

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