The Bank of Namibia (BON) has set specific standards for the introduction of a basic bank account (BBA) in Namibia, intended for individuals earning N$2 000 per month or less.

The BBA will be offered at all bank branches in Namibia by November 2012. In order to open this account, no proof of income will be required. Banking institutions shall actively monitor these accounts to ensure that those targeted benefit from this product. This initiative is in line with the Financial Sector Strategy and the Bank of Namibia’s key strategic focus areas and plan for 2012 to 2016.
Each banking institution is expected to offer a Basic Bank Account by 31 October 2012. To be eligible for a BBA one must be a Namibian citizen or permanent resident, must have a valid identification document and earn less that N$2 000 per month. Such an individual will be entitled to one BBA per banking institution. Incoming deposits and credits will not be limited, but rather monitored. The BBA shall be free, with no monthly fees or account management fees charged. The first card issued for the account will also be free. Debit card services must be available, allowing Automatic Teller Machine (ATM) and Point of Sale (POS) transaction services.
The Bank of Namibia also published a comparative analysis of bank fees and charges on its website at http://www.bon.com.na under the Public Education tab in the Public Education Column section. The Bank of Namibia collects this information annually through statutory return from commercial banks. The current publication is the first of its kind on banking institutions’ fees and charges as at 31 December 2011.