TIRI MASAWI
For Namibians who rely on debit orders to pay bills or make regular payments, the cost can vary widely depending on which bank they use. According to the 2025 Banking Fees Comparison Report released by the Bank of Namibia (BoN), some banks charge as much as N$32 for interbank debit orders, while others offer the same service free for Basic Bank Account holders.
For intrabank debit orders, payments made within the same bank, First National Bank (FNB) charges the lowest fee of N$2, while BancoBIC, Bank Windhoek, and Standard Bank offer the service free for basic bank account holders. Atlantico charges N$10, Letshego N$9.41, and NedBank Namibia (NBN) imposes the highest intrabank fee of N$17.
For interbank debit orders, payments sent to third-party banks, BancoBIC, Bank Windhoek, and Standard Bank again provide the service free. FNB charges N$22, Letshego N$21.95, Atlantico N$23, and NedBank clients pay the highest fee of N$32.
“Intrabank and interbank debit order fees vary significantly across institutions, reflecting each bank’s pricing structure, even within the framework of the Basic Bank Account,” the report noted.
The report also highlights how Standard Bank clients face slightly higher charges for Point of Sale (POS) transactions. “While First National Bank Card Wise Zero Account holders transact at Point of Sale for free, Standard Bank clients who hold a Basic Bank Account have to part with at least N$5 per transaction,” the report said.
Comparatively, BancoBIC clients pay N$3, Bank Windhoek clients pay N$4.50, Letshego clients pay N$4.70, and NedBank clients pay N$46 for the same service.
Automatic Teller Machines (ATMs) withdrawal fees also differ from bank to bank. To ensure public access to cash, the BoN has capped fees at N$35 for withdrawals at another bank’s ATM. These regulations, together with Payment System Services (PSD-10), which governs fees and charges for payment services, and PSD-11, which regulates interbank ATM withdrawals, aim to make fees fair, transparent, and aligned with the public interest.
“It is the Bank’s position that setting standards for fees and charges is essential to ensure public access to affordable, secure, and efficient financial services, which are key drivers of an inclusive economy, in accordance with section 30(1) of the Act. Accordingly, the Bank views the implementation of targeted affordability measures as a critical enabler of financial inclusion,” the report said.
NEW FEE STRUCTURE
In response to rising concerns over banking costs, Standard Bank Namibia recently introduced a new fee structure. According to a statement from the bank’s Senior Manager for Public Relations and Communications, Elzita Beukes, the changes “allow clients to enjoy three free Automated Teller Machine withdrawals, free swiping as well as free point of sale purchases for Basic Bank Account holders, Senior Citizens, and bundle clients.”
The bank also reduced digital banking fees and made inter-account transfers free. “Digital Banking Fees including MyUpdate are now N$6.25, electronic funds transfers are down to N$9.20 (free on bundles), and inter-account transfers are free across ATM, Internet Banking, and App,” the statement said.
EAGLE EYE
The Payment Association of Namibia (PAN) has stepped in to protect consumers who use debit and credit cards. The association released a statement last week that some merchants have been charging extra fees on card payments or setting minimum and maximum purchase limits as a condition for accepting cards. PAN said such practices not only burden consumers but also violate international card regulations from Visa and MasterCard.
PAN reminded merchants that all card payments must be treated like any other payment method, without adding extra costs. Cardholders should be able to use their debit or credit cards regardless of the transaction amount. Similarly, banks that process card payments, known as acquirers, are required to ensure that merchants do not impose surcharges or purchase limits.
“Carrying large amounts of cash poses a risk to the individual. With a debit or credit card, you can pay for goods and services in a safe and secure manner. Cards also offer a fast and convenient way to shop. Penalising consumers for use of payment cards is not only in contravention of card operating rules, but it unfairly shifts the cost of electronic payments onto the consumer,” PAN said.
Consumers are encouraged to report any instances of non-compliance.
“If PAN becomes aware of a merchant ignoring these rules, it will notify the acquirer, who must ensure the merchant stops the practice immediately. Failure to comply can lead to remedial measures under the Payment System Management Act or the relevant card operating rules,” PAN said.
COMMENTS