Standard Bank yesterday signed a sponsoring banking relationship agreement with Namibia Post Limited (NamPost). The agreement will enable NamPost and its clients to access the National Payment System to enable NamPost clients to perform SWIFT transactions, electronic funds transfer, card services and access to point of sale (PoS) devices, as well as the ability to make payments and run collections through the clearing house.
Standard Bank’s head of personal and business banking, Mercia Geises, said the signing comes against the backdrop of Standard Bank being selected as the preferred sponsor bank for NamPost after a procurement process which kicked off in 2016.
“Standard Bank is proud to partner with NamPost to provide its clients with access to a world-class banking platform in an innovative and efficient manner, which eventually results in financial inclusion for all. Our world-class banking platform, which is fundamental to this partnership, facilities transactions in excess of N$30 billion per month, with transaction volumes averaging 355 000,” explained Geises.
Standard Bank’s strength in transactional banking is recognised globally by being awarded the Best Overall Bank for Cash Management in Africa in 2016 and Best Transacting Bank in Africa on a number of occasions.
Speaking at the occasion, the CEO of NamPost, Festus Hangula, concurred that this agreement is one critical step in NamPost’s journey towards ensuring financial inclusion for all Namibians and ensuring “transactability for all”.
“It is our government’s vision that all Namibians, without exception, should have access to the correct type of financial services and products at an affordable price offered through a wide network of service points. To deliver on this important national vision NamPost has created an online transactional banking which enables NamPost to become a significant card issuer thus providing transactability at reduced costs throughout the broad postal network within Namibia,” said Hangula.
As the sponsoring bank, Standard Bank will be required to settle transactions between institutions. The signed agreement therefore ensures that all payments and transfers for customers will be settled between the banks at the central clearing system in Namibia through Standard Bank’s membership to the National Payment System.
“Whilst we are acutely aware that NamPost and Standard Bank are competitors in some respects, a smart partnership such as this can often provide the synergy required to move ahead of less agile market players. But most importantly besides serving our customers together we are taking a giant step in addressing our national needs. A role, I am sure, both Standard Bank and NamPost are passionate about,” added Hangula.
He said NamPost also plans to introduce its revamped SmartCard to the market in the second half of this year for customers to do their purchases at affordable prices.