Namibia: Nedbank to scrap deposit fees
The move follows a recent directive from the Bank of Namibia.Nedbank Namibia Limited has announced that it will scrap cash deposit fees from March 1, 2015.
The move follows a recent directive from the Bank of Namibia (BoN), which asked commercial banks to do away with cash deposit fees.
Finance Minister Saara Kuugongelwa-Amadhila told APA news agency last year that the directive is designed to remove barriers that hinder
people from accessing formal banking services in Namibia, such as excessive fees charged by banking institutions to consumers when depositing cash on their accounts.
"Cash deposits fees can remain a chargeable item on big businesses and corporate accounts," she added.
"The deadline for compliance with the BoN directive is March 31, but at Nedbank Namibia our belief is to pass any such benefits to our clients as soon as our systems are aligned to facilitate the stipulations of the directive," said Nedbank Namibia’s Managing Director, Lionel Matthews, quoted by New Era.
Individual clients are exempted from paying for cash deposit fees, while small and medium-sized enterprises with an annual turnover of less than N$1 million (€76,000) will also receive this benefit.