FNB Namibia has launched a new digital group savings account, weSave, which allows groups of up to 90 members to save collectively through a regulated banking platform, formalising existing community-based saving practices.
FNB said the account is derived from the Southern African tradition of community-based savings, better known as stokvels. weSave allows groups of between three and 90 members to commit to saving a fixed amount over a defined period towards a shared goal.
According to the bank, the product is designed to support milestones such as education, special occasions, business ventures and other collective financial objectives.
FNB Namibia Chief Executive Officer for Retail, Mbo Luvindao, said the product builds on long-standing community saving practices while introducing security and convenience through digital banking.
“weSave is not new to us. As Africans, we have always relied on the strength of community, whether it is raising our children, supporting our families or planning for the future. weSave formalises a practice that already exists, while giving our customers a secure, digital and interest-bearing platform to save together with confidence,” Luvindao said.
He said the product leverages mobile and online banking channels to reduce traditional barriers to group saving and increase participation in structured financial practices across different customer groups.
The bank said the account offers no monthly fees, interest earned on balances from N$100, immediate access through FNB Digital Banking, notifications to all group members, free ATM deposits, and free balance and statement enquiries. Capital is guaranteed and returns are quoted.
“At FNB Namibia, innovation is not about creating products for the sake of it. It is about listening to our customers and responding with solutions that genuinely improve their financial wellbeing. weSave is a clear expression of our promise to meet customers where they are, honour their realities, and walk with them as they build a more secure financial future together,” Luvindao added.
The launch follows the bank’s Collective Buying product, which enables joint property purchases, and forms part of FNB Namibia’s broader strategy to align banking solutions with existing Namibian community practices.
FNB Namibia said weSave forms part of its digital-first approach aimed at deepening financial inclusion and expanding access to formal savings solutions across the country.
