Nedbank Namibia will reduce several transaction fees from 2 March 2026 as part of its annual pricing review, with the bank lowering selected charges aimed at improving affordability and supporting greater use of digital banking services.
The adjustments include a 17% reduction in local debit card swipe fees on the bank’s Basic Bank account and the removal of internet banking subscription fees for youth accounts.
Nedbank Namibia Chief Financial Officer Victor Maengahama said the changes form part of the bank’s broader approach to pricing and financial inclusion.
“Fair, transparent and responsible pricing is a critical part of helping our clients make smarter financial decisions and move steadily toward long-term wellbeing,” Maengahama said.
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The fee reductions come amid broader public discussion around banking costs in Namibia, with market comparisons highlighting the importance of transparent pricing and affordable payment options in strengthening financial inclusion and encouraging a shift away from cash-based transactions.
Maengahama said recent public discussions around banking fees had been constructive, noting that “while access to bank accounts has expanded across the country, affordability and clarity in day-to-day banking costs remain essential to deepening meaningful financial inclusion.”
Nedbank has also adjusted pricing on its Silver Pay-As-You-Use account, which now includes embedded funeral cover of N$5,000, alongside a 13% reduction in local debit card swipe fees and an 18% reduction in internet banking subscription fees. The bank said the changes are aimed at improving value for clients while maintaining essential financial protection benefits.
He said in response to concerns raised in fee comparison reports regarding the cost of recurring transactions, Nedbank reduced internal debit order fees.
Maengahama said price comparability in payments plays an important role in shaping consumer behaviour, noting that “price comparability in payments is one of the most effective ways to influence behaviour and encourage the shift from cash to digital transactions.”
The bank has also introduced a monthly maintenance fee on home loans, saying the adjustment aligns with industry norms and will support continued investment in secure systems and service delivery.
Maengahama said responsible pricing ensures continued investment in banking infrastructure, adding that it “enables us to sustain the high-quality banking experience our clients deserve” and allows the bank to continue investing in “innovation, digital capability and service excellence.”
He added that the bank’s pricing model also incorporates sustainability considerations, saying that “a portion of all home and vehicle finance [is] directed to the Nedbank Go Green Fund,” which supports conservation, education and sustainable development initiatives across Namibia.
He said the pricing adjustments form part of Nedbank Namibia’s broader #GetMoneyFit campaign, which encourages clients to adopt disciplined financial habits and make informed financial decisions.
“Financial wellbeing does not happen by chance but is strengthened through responsible decisions, supportive tools and consistent guidance,” Maengahama said.
This article was first published here in partnership with The Brief