President Netumbo Nandi-Ndaitwah has called on the Bank of Namibia and the Ministry of Finance to release regulations ensuring that fees and charges by commercial banks serve the public interest.

She emphasised that these regulations should be proportionate to the services provided while maintaining financial stability.

The Head of State made the remarks amid public concerns about high banking charges in Namibia.

“Banking fees and charges are another major concern for Namibians and have become a topical issue in our parliament, with motions passed to this effect. Tackling this issue is vital for easing the financial burden on consumers in a fair and transparent manner,” Dr. Nandi-Ndaitwah said.

She welcomed the recent directive by the Bank of Namibia instructing banks to reduce the margin between the Repo Rate and the Prime Lending Rate by 25 basis points to align with the Common Monetary Area practice, noting that this step is likely to provide significant relief to consumers.