Standard Bank has reduced its banking fees, after it had reviewed its annual pricing rates. The bank's Head of Personal and Business Banking, Mercia Geises, revealed the reductions in a media statement on Monday. She explained that the bank's annual pricing review conforms to its customer-centric approach of providing Namibians access to affordable and accessible banking services. Geises said the bank reduced its Point of Sale (POS) fees by 17%, allowing savings on transactional costs every time clients swipe to purchase. Clients, including SMEs, will now enjoy a 30% reduction in electronic transaction fees on the bank's internet banking platform. Geises said the bank will not increase electronic banking fees for retail clients on internet banking, cellphone banking and the Standard Bank applications. She said monthly subscription for all electronic channels will remain free. The official stressed that as part of the pricing review, monthly management fees for pensioners were reduced to zero, while debit order fees will remain unchanged. The annual pricing review became effective as from 1 January.