WINDHOEK – Bank Windhoek has announced the implementation of zero cash handling fee benefits for all individual clients, as well as business clients with a turnover of less than N$1 million, with effect from March 31, 2015.
This means that individual clients will no longer pay a fee when depositing money into their accounts. This exemption is also extended to business clients, but only those with a turnover of less than N$1 million per year.
Business clients will, therefore, have to prove that their turnover is lower than N$1 million in order to be exempted.
This implementation is in accordance with the Bank of Namibia’s determination issued under Section 14 of the Payment System Management Act, 2003 (Act 18 of 2003) on Cash Deposit Fees within the National Payment System.
“Banking fees and charges are cited as one of the reasons why some Namibians do not have bank accounts. With the waiving of cash deposit fees for all individual clients, Bank Windhoek believes that more people will now open up a bank account and enjoy the benefits that come with the access to financial services and products. The zero cash handling fee will also benefit small and medium enterprises (SME’s) with a turnover of less than N$1 million as a means of supporting and assisting these start-up businesses reach success,” said Bokkie Cloete, Manager: Business Development (Traditional Banking Channels) at Bank Windhoek.