FNB Namibia launched a new account that is designed to enable safe, structured, and effective group savings.
“Derived from the Southern African tradition of community-based savings, better known as Stokvel, weSave is a group savings account that allows members to collectively commit to saving towards a shared goal,” said Mbo Luvindao, CEO of FNB Retail.
“Members enter into an agreement to contribute a fixed amount over a defined period for a common purpose, fostering financial discipline and accountability within a trusted group,” he added.
The new product was officially unveiled at a media launch held at FNB Namibia’s Parkside Head Office in Windhoek. The features of the new product will include no monthly account fees, interest earned on all positive balances from as little as N$100, the immediate access to funds through FNB Digital Banking, financial message notifications sent to all group members, free ATM deposits, free balance and statement enquiries via FNB Digital Banking, and guaranteed capital and quoted returns.
The launch of weSave follows FNB Namibia’s Collective Buying product, which enables customers to jointly purchase property, further demonstrating the bank’s commitment to innovating around real customer needs and lived experiences.
