What you need to know about Namibia’s new banking sector code

July 05, 2023

The Bankers Association of Namibia (BAN) recently unveiled its latest version of the Code of Banking Practice, aiming to bolster sound banking practices and strengthen the relationship between banks and their customers.

The Code, which took effect from 1 June 2023 and sets minimum standards for banks when dealing with customers, promotes transparency and fosters confidence in the banking system.

Senior Policy Analyst at BAN Christo Platt said the main purpose of the Code of Banking Practice is to promote sound banking practices by setting minimum standards for banks when dealing with customers.

"We want to increase transparency so that our customers have a better understanding of what to expect from our staff, products, and services. Additionally, we aim to foster a fair and open relationship between customers and their banks to enhance confidence in the banking system," he said. 

Platt further added that the Code aims to be a comprehensive guide for customers when transacting with banks, providing clear insights into their rights and responsibilities, as well as those of the banks in serving them.

"The relationship between banks and their customers will be guided by four fundamental principles of fairness, transparency, accountability, and reliability," Platt noted.

Regarding specific minimum standards, the Code sets forth several commitments by banks.

"Banks undertake to act fairly and reasonably in a consistent and ethical manner toward customers. This includes continuously working towards improving the standards of practice and service in the banking industry, promoting better-informed decisions about banking products and services, and ensuring compliance with relevant laws and regulations" Platt said. 

Furthermore, the Code according to Platt requires that banks provide information to customers in plain and understandable English language, using standardized terminology and offering reasonable assistance for any unclear aspects.

“Banks are also expected to provide reliable and secure banking and payment system services and maintain the highest standards of customer service.”

The new BAN Code of Banking Practice 2023 version represents an update to the previous version launched in 2013.

The latest version incorporates amendments to address the evolving needs and expectations of customers in today's banking landscape, according to BAN.

"We've made amendments to the Code to enhance transparency in the banking sector and to ensure our customers have a better understanding of what to expect from us.

We believe this will lead to a stronger and more trusting relationship between the banks and our valued customers," said Platt.

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Last modified on Thursday, 06 July 2023 15:27

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