Members of Parliament deliberated on the proposed Banking Institutions Bill 15 of 2023, a significant document aiming at updating the existing Banking Institutions Act of 1998.

Swapo MP Kosmas Katura led the charge for these changes in the National Council, recognising the need to meet international standards and address pressing concerns.

The Banking Institutions Act has long been the key law governing and supervising banks in Namibia.

However, with the passage of time and evolving societal needs, banking practices need improvement.

The public had expressed worries about high fees charged by banks, instances of fraud at automated teller machines, credit card scams, and theft from customer accounts.

Parliamentarians also noted allegations and reports of some unscrupulous bank employees attempting to manipulate client accounts for personal gain, including tampering with the accounts of deceased individuals to withdraw funds illegally.

There were also allegations of unauthorised access and misuse of technology by some banking employees. Understandably, these issues raised alarm among the parliamentarians, who called for the restoration of integrity in the banking sector.

To address these concerns, the proposed amendments to Banking Institutions Bill 15 of 2023 were introduced.

If approved, the Bill would help combat corruption and fraudulent activities, curb illicit financial flows, and ensure that funds are directed towards improving the lives of the less privileged.

During the discussion, Councillor Andreas Amundjindi voiced his concerns about the high-interest rates charged by banks and the longer repayment period for houses compared to cars.

He believes these factors contribute to some individuals struggling to acquire assets.