Staff Reporter
WINDHOEK, Sept. 6 — The preference for digital banking among customers has seen a significant upswing in recent years, with a notable migration away from traditional brick-and-mortar options. Currently, more than 40% of Nedbank Namibia clients favour digital channels for their banking needs.
Namibia is experiencing a growing fintech landscape, bolstered by the widespread use of smartphones in the country. This digital transformation of the financial sector is anticipated to continue its upward trajectory. In 2020, the Bank of Namibia observed a notable increase in the utilization of e-money, with the value and volume of e-money transactions reaching N$41.2 million and N$65 million, respectively.
The advent of the fourth industrial revolution has revolutionized banking, with data analytics playing a pivotal role in deciphering client behaviour, financial capabilities, and activities. This information is intertwined with global economic trends, enabling banks to offer more personalized and direct services. This not only serves as a revenue generator but, more importantly, enhances the overall client experience.
Kaulinge, the Communications and PR Manager at Nedbank Namibia, elaborates on the bank’s deliberate digital strategy. He notes, “Nedbank’s digitalization strategy is designed to foster a competitive financial sector, offering consumers access to innovative products while ensuring their protection and financial stability. Nedbank Namibia has made significant strides in its digital transformation journey, aimed at providing clients with world-class digital platforms.”
To realize its ambitious digital strategy, Nedbank Namibia has introduced several cutting-edge digital products over the past few years, offering clients a myriad of digital possibilities:
1. **Avo SuperShop**: The recently launched Avo SuperShop is one of Namibia’s few e-commerce platforms, offering essential goods and services at the tap of a button. It also provides Namibian businesses with a credible and secure platform to sell their products and services.
2. **PayToday**: Launched in 2017 and proudly powered by Nedbank Namibia, PayToday has become Namibia’s leading mobile payment app. It offers a smart, secure, and social payment solution that can be integrated into any business profile, simplifying payments and money transfers.
3. **Nedbank Money app (Africa)**: This innovative app was developed with the client’s needs at the forefront, offering an exceptional mobile banking experience. It was the first banking app in Namibia to allow clients to freeze and unfreeze their bank cards directly from the app, along with various other features.
4. **Nedbank Online Banking**: This platform enables clients to manage their banking online with simplicity, intuitiveness, and user-friendliness, akin to the award-winning Nedbank Money app.
5. **Nedbank Send Money**: An in-app feature that allows clients to send money quickly and easily to friends and family from their mobile phones.
6. **Nedbank MobiMoney**: MobiMoney is a mobile-based account that simplifies transactions, using your cellphone number as a store of value. It’s easy to open and secure, requiring no physical documents. To get started, dial *140*002# and register your cellphone number with Nedbank.
7. **Nedbank Cashout**: This service enables clients to withdraw cash from their accounts when making purchases using their cards at point-of-sale devices in stores. Cashout has expanded significantly, now available at over 120 stores across Namibia.
8. **Pocket POS**: The portable Nedbank PocketPOS device is ideal for on-the-go small and medium enterprises and traders, allowing them to accept card payments anywhere, anytime. It’s Namibia’s first EMV chip-and-pin solution.
Nedbank Namibia’s commitment to digital innovation and client-centric solutions underscores its dedication to delivering cutting-edge financial services in the digital age.
