Banking fees to ease gradually, says Bank of Namibia

The Bank of Namibia says reducing high banking fees will take time, as new regulations are implemented amid growing public concern over charges and bank profits. The bank acknowledges that banking charges remain a challenge and that more work needs to be done to address the issue. Central bank governor Ebson Uanguta, while appearing before a parliamentary standing committee meeting on economics yesterday, said the central bank has implemented measures aimed at easing the burden on consumers.

“We have been doing quite a lot, putting measures, regulations and safeguards in place to ensure that fees and charges are contained,” Uanguta said. Commercial banks collectively earned about N$15.9 billion last year, 10% more than the N$14.5 billion they made in 2024, according to the central bank’s annual report.