Electronic Funds Transfers (EFTs) dominated Namibian payment transactions in 2024, reaching N$1.26 trillion, followed by card payments at N$119.99 billion, according to Bank of Namibia (BoN) data.
The data further revealed that e-money transactions reached N$35.31 billion, while cash transactions lagged significantly at N$5.61 billion.
The central bank described this shift as a financial revolution, with digital transactions rapidly overtaking cash as the preferred payment method.
“Namibians are going digital! In 2024, EFTs dominated payments with a massive N$1.26 trillion, while cards trailed at N$119.99 billion. E-money (N$35.31 billion) and cash (N$5.61 billion) show the shift towards a cashless future,” the BoN stated.
Bank fees for digital transactions
A recent Banking Fees and Charges report by the BoN highlighted that Namibian banks are increasingly charging for various digital and transactional services.
Fees for debit orders, stop orders and digital wallet services vary widely across institutions, with Nedbank Namibia (NBN) imposing the highest debit order fee at N$31.00, while First National Bank (FNB) charges up to N$160.00 for interbank stop orders.
Additionally, all banks charge for lost or damaged card replacements. NBN has the highest fee at N$194.50, followed by Standard Bank Namibia (SBN) at N$194.00, Bank Windhoek (BWK) at N$185.00, and FNB at N$174.00. However, banks do not charge for declined ATM withdrawals at their own ATMs.
Wallet reversal and debit order fees
Three banks—BWK, FNB, and SBN—offer wallet reversal services, with BWK charging the highest fee at N$32.29, while FNB and SBN charge N$25.00 for the same service.
“BWK, FNB, LBN, and SBN offer the reversal of external debit order services, where each banking institution charges a fixed rate of 1.5% on the transaction value, with various minimum fee amounts across the banking institutions and a maximum fee of N$200.00,” the report stated.
Cash withdrawal fees vary across banks
Cash withdrawal fees differ based on the method used. At their own ATMs, BWK, FNB, NBN, and SBN offer the first three transactions free, after which BWK charges N$9.87 per withdrawal and FNB N$14.35 per N$500 withdrawn.
Banks such as Atlantico Bank Namibia (ATL), Bank BIC (BIC), Letshego Bank Namibia (LBN), and Namibia Post Limited (NMP) do not provide own-bank ATM withdrawals.
For interbank ATM withdrawals, BIC charges between N$5 and N$100 depending on the amount, while BWK, FNB, LBN, NBN, and SBN impose a fee of N$5.60 plus N$13.70 per N$500, capped at N$35.
LBN follows a tiered system, charging between N$17 and N$35, depending on the amount. In-branch withdrawals remain the most expensive, with ATL charging N$30, while BIC offers free withdrawals.
BWK’s fees range from a minimum of N$90.45 to a maximum of N$682.51. FNB applies a fee of N$104.90 plus 4% of the withdrawal amount, while NBN charges a base fee of N$84 plus 2.90% of the amount withdrawn. SBN and LBN use percentage-based fees with limits, while NMP charges N$5.60 per N$100 withdrawn, with a minimum of N$105 and a maximum of N$800.
International and cardless withdrawals
Cardless ATM withdrawals are available only at FNB, which offers the first three transactions free before charging N$14.35 per N$500 withdrawn.
International ATM withdrawals are available at BWK, FNB, NBN, and SBN, with fees that include both base charges and percentage deductions.
For example, FNB charges N$65.50 plus 2.85% of the withdrawal value, while SBN imposes a fee of N$60 plus 3.20%.
“In Namibia, customers can use their bank cards to withdraw cash from any automated teller machine (ATM), no matter which bank issued the card. Atlantico Bank Namibia (ATL) does not offer cash withdrawal services at its own or other banks’ ATMs because ATL does not issue cards,” the report noted.
As digital payments continue to surge, Namibian consumers face a landscape where convenience comes at a cost, with varying fees across banking services.
