A comparison of the cost of sending via cellphone banking (USSD) channel by Bank of Namibia across the country’s seven banks has revealed that only two banks charge less than N$5 on a Basic Bank Account (BBA).
Every bank in Namibia is required to offer a BBA product to the public that meets the minimum standards of the Bank of Namibia. As a result, all banks provide a BBA with basic features, while some may also offer additional benefits.
The Bank of Namibia regards the BBA as a key driver of an inclusive economy, and its affordability features as a critical enabler of financial inclusion.
The comparison has revealed that consumers with a Basic Bank Account at Letshego Bank Namibia and Nedbank Namibia are charged the lowest fee of N$4.70 when clients send money through the cellphone banking channel.
Cellphone banking has become one of the most used tools to send money across the economy, even to those with no bank accounts.
