By: Hee-Dee Walenga
In May 2019, FNB Namibia launched a service which offered various financial conveniences, in turn accentuating ease of daily transactions. All one needed was a cellphone.
The product, dubbed FNB Cash Plus, made cash withdrawals, deposits, airtime & electricity purchases, and e-wallet withdrawals effortless upon its introduction.
The service is particularly useful in areas that do not have traditional banking facilities or services, benefitting both the supplier and consumer side of the economy. In an interview on Eagle FM’s Financially Included, retail store owner Simson Phillipus, who is one of the first business owners to become a Cash Plus agent in Namibia, stated that the benefits of being a Cash Plus agent include the increase of sales in his store and the commission he earns from each transaction.
Phillipus’ retail store is located in Wanaheda, Windhoek. He expressed that another benefit of being an agent is that “it’s a good feeling to help people who are in need of these services. People even boast about having a ‘bank’ in their community.”
Alternative Channel Product Analyst at FNB Namibia, Otja Muruko, outlined that the process of becoming a Cash Plus agent is fairly simple. Requirements include owning an FNB business account and operating a registered retail business for at least one year.
“What’s critical here is that they have the infrastructure to support these transactions and an established presence in the community,” Muruko said. Applying to become an agent can be done via the FNB mobile application, with the vetting process taking approximately 48 hours.
Muruko also stated Cash Plus has been FNB’s main driver of financial inclusion in Namibia. The service is available to non-FNB Customers as well. “It’s been transformative in changing lives and communities by bringing banking services to rural and remote areas where we don’t have a presence. Offering these services bridges the gap between formal banking institutions and underserved communities, which enables them to participate in the economy,” Muruko added.
There are currently close to 400 registered FNB Cash Plus agents in the country who have contributed to a turnover of over N$150 million.
Tune into Financially Included every Monday, Wednesday and Friday at 18:00 on Eagle FM. Listen to past editions of Financially Included here. Financially Included is brought to you by FNB Namibia.
