Banking fees unmasked
In Namibia's competitive banking sector, a fresh Market Watch analysis compares fees across the top four banks—FNB, Bank Windhoek, Nedbank Namibia, and Standard Bank—helping consumers navigate rising living costs and choose the most affordable options for everyday banking, following the release of the Bank of Namibia's Banking Fees and Charges Comparison report for December 2025.
A Market Watch breakdown of fees and charges
Namibia’s banking sector remains highly competitive, with the top four institutions—First National Bank (FNB), Bank Windhoek, Nedbank Namibia, and Standard Bank—offering a range of services to Basic Bank Account (BBA) holders. A recent Market Watch analysis has compared key charges across card payments, ATM and in-branch withdrawals, electronic funds transfers (EFTs), and e-money wallet services, providing valuable insight for consumers seeking the most affordable banking options.
FNB allows BBA customers to make card payments at no cost, making it the clear leader in affordability for everyday purchases. In contrast, the other banks impose per-transaction fees: Bank Windhoek charges N$4.50, Standard Bank Namibia N$5.00, and Nedbank Namibia the highest at N$6.00.
In terms of withdrawals, Bank Windhoek offers the best value. All four banks provide the first three ATM withdrawals free each month. Thereafter, Bank Windhoek charges a flat N$10 per withdrawal, making it the most affordable option across various withdrawal sizes. Standard Bank applies N$2.70 per N$100 (with a minimum charge), FNB charges N$14.50 per N$500, and Nedbank charges 3% of the transaction value.
For a typical N$500 withdrawal, Bank Windhoek’s fixed rate of N$10 edges out the competition, followed by Standard Bank at N$13.50, FNB at N$14.50, and Nedbank Namibia as the most expensive at N$15.00. Overall, Bank Windhoek’s structure favours budget-conscious users, while Nedbank’s percentage-based model becomes increasingly costly for larger amounts, potentially placing a heavier burden on low-income households amid rising living costs.
In-branch withdrawals and electronic transfers
A stark reversal occurs with in-branch cash withdrawals, where Nedbank becomes the most affordable. For a N$500 teller withdrawal, Nedbank charges N$103. Standard Bank, FNB, and Bank Windhoek charge N$122.50, N$128.31, and N$129 respectively, with Bank Windhoek's tiered fee structure proving particularly costly as amounts increase.
For managing monthly bills via electronic debit orders, Standard Bank and Bank Windhoek offer a significant advantage. They provide both intrabank and interbank debit orders free of charge. In contrast, FNB charges up to N$22 for these services, while Nedbank charges the highest fee at N$32 for an interbank payment.
The e-money arena
In the growing digital wallet sector, FNB shows strong consistency. It charges the least (N$12) to send small amounts under N$500 and has the lowest maximum fee (N$40) for large sums. For sending the same amounts, Standard Bank and Nedbank charge N$12.50, while Bank Windhoek charges N$13.50. For a large N$4,001 e-wallet, Nedbank is the second most affordable at N$38.50, followed by Bank Windhoek at N$40.50. Standard Bank is the most expensive for this large transaction at N$42.
Recipients benefit from different cash-out options. Standard Bank is the only institution offering completely free ATM cash-outs from e-money, while FNB is the sole bank providing free cash-outs at retail agents. Bank Windhoek and Nedbank lag in this merchant functionality.
For value-added services, Bank Windhoek is the only bank that charges a fee (N$1.10) for purchasing prepaid electricity, while the other three offer it for free. Conversely, Bank Windhoek offers the cheapest prepaid airtime at N$1.05, followed by Nedbank at N$2.30. FNB and Standard Bank charge the highest rate for airtime at N$2.60.
Overall verdict
The analysis concludes there is no single winner. FNB ranks as the most cost-effective for card spending and e-money transactions, ideal for digitally-focused users. Bank Windhoek suits customers who make frequent, moderate ATM withdrawals and buy airtime, despite higher e-money sending fees. Standard Bank is best for customers who rely on free debit orders and ATM cash-outs from e-wallets, while Nedbank, despite having the most affordable in-branch withdrawal, often ranks as the most expensive for core electronic and card-payment services.
*Market Watch presents this neutral, factual comparison to inform consumer choice. This analysis is not an endorsement of any institution and is not intended to influence Basic Bank Account (BBA) holder decisions. Customers must exercise their own discretion based on personal needs.**
A Market Watch breakdown of fees and charges
Namibia’s banking sector remains highly competitive, with the top four institutions—First National Bank (FNB), Bank Windhoek, Nedbank Namibia, and Standard Bank—offering a range of services to Basic Bank Account (BBA) holders. A recent Market Watch analysis has compared key charges across card payments, ATM and in-branch withdrawals, electronic funds transfers (EFTs), and e-money wallet services, providing valuable insight for consumers seeking the most affordable banking options.
FNB allows BBA customers to make card payments at no cost, making it the clear leader in affordability for everyday purchases. In contrast, the other banks impose per-transaction fees: Bank Windhoek charges N$4.50, Standard Bank Namibia N$5.00, and Nedbank Namibia the highest at N$6.00.
In terms of withdrawals, Bank Windhoek offers the best value. All four banks provide the first three ATM withdrawals free each month. Thereafter, Bank Windhoek charges a flat N$10 per withdrawal, making it the most affordable option across various withdrawal sizes. Standard Bank applies N$2.70 per N$100 (with a minimum charge), FNB charges N$14.50 per N$500, and Nedbank charges 3% of the transaction value.
For a typical N$500 withdrawal, Bank Windhoek’s fixed rate of N$10 edges out the competition, followed by Standard Bank at N$13.50, FNB at N$14.50, and Nedbank Namibia as the most expensive at N$15.00. Overall, Bank Windhoek’s structure favours budget-conscious users, while Nedbank’s percentage-based model becomes increasingly costly for larger amounts, potentially placing a heavier burden on low-income households amid rising living costs.
In-branch withdrawals and electronic transfers
A stark reversal occurs with in-branch cash withdrawals, where Nedbank becomes the most affordable. For a N$500 teller withdrawal, Nedbank charges N$103. Standard Bank, FNB, and Bank Windhoek charge N$122.50, N$128.31, and N$129 respectively, with Bank Windhoek's tiered fee structure proving particularly costly as amounts increase.
For managing monthly bills via electronic debit orders, Standard Bank and Bank Windhoek offer a significant advantage. They provide both intrabank and interbank debit orders free of charge. In contrast, FNB charges up to N$22 for these services, while Nedbank charges the highest fee at N$32 for an interbank payment.
The e-money arena
In the growing digital wallet sector, FNB shows strong consistency. It charges the least (N$12) to send small amounts under N$500 and has the lowest maximum fee (N$40) for large sums. For sending the same amounts, Standard Bank and Nedbank charge N$12.50, while Bank Windhoek charges N$13.50. For a large N$4,001 e-wallet, Nedbank is the second most affordable at N$38.50, followed by Bank Windhoek at N$40.50. Standard Bank is the most expensive for this large transaction at N$42.
Recipients benefit from different cash-out options. Standard Bank is the only institution offering completely free ATM cash-outs from e-money, while FNB is the sole bank providing free cash-outs at retail agents. Bank Windhoek and Nedbank lag in this merchant functionality.
For value-added services, Bank Windhoek is the only bank that charges a fee (N$1.10) for purchasing prepaid electricity, while the other three offer it for free. Conversely, Bank Windhoek offers the cheapest prepaid airtime at N$1.05, followed by Nedbank at N$2.30. FNB and Standard Bank charge the highest rate for airtime at N$2.60.
Overall verdict
The analysis concludes there is no single winner. FNB ranks as the most cost-effective for card spending and e-money transactions, ideal for digitally-focused users. Bank Windhoek suits customers who make frequent, moderate ATM withdrawals and buy airtime, despite higher e-money sending fees. Standard Bank is best for customers who rely on free debit orders and ATM cash-outs from e-wallets, while Nedbank, despite having the most affordable in-branch withdrawal, often ranks as the most expensive for core electronic and card-payment services.
*Market Watch presents this neutral, factual comparison to inform consumer choice. This analysis is not an endorsement of any institution and is not intended to influence Basic Bank Account (BBA) holder decisions. Customers must exercise their own discretion based on personal needs.**
