Namibia: E-Wallet Transactions Worth N$2 Billion

FIRST National Bank (FNB) Namibia yesterday published its annual report which showed that e-wallet transactions between July 2014 and June 2015 amounted to N$2 billion.

The report was presented in Windhoek by FNB Namibia chief executive officer Sarel van Zyl and the chief financial officer, Oscar Capelao.

Of all of FNB's different transactions platforms, e-wallet services were transacted the most in terms of clients transactions increment with a total percentage increase of 125% between 1 July 2014 and 30 June 2015.

Cellphone banking and swiping at speed points also went up with 19% and 21% respectfully.

The report revealed that FNB clients have used the ATMs more this financial year with up to 19% more ATM usage compared to the past financial year.

Online banking, which most Namibians seem to be reluctant to use, has also gone up with 9% in clients' transactions with a summed up total of FNB clients' online banking payments amounting to N$ 249 billion.

Card swiping went up to N$4,5 billion and cash withdrawals at ATMs stands at N$15 billion. E-wallet services have gone up to N$2 billion during the July 2014- June 2015 financial year.

GOOD PROFITS

FNB's net income increased by 27,6% to N$1 452 million in 2015 compared to last year's N$1 138 million.

During the presentation, Oscar Capelao showed that the bank has generated an annual profit of N$ 998,7 million during this financial year, which saw a 27,3% increase from the past financial year.

To add value, 21% goes to the government in tax whereas 29% goes into employees' benefits and salaries .

The Government Institutions Pension Fund (GIPF), as a shareholder, got 15% of the profits. Accepting the GIPF dividend symbolic cheque, GIPF's chief executive officer David Nuyoma thanked FNB and jokingly added, "Last year when I was here I had good breakfast and a bonus. This year I am here and I am getting good breakfast and a very good bonus".

According to Victoria Muranda, FNB's communications manager, this means all GRN employees and retired ones are shareholders in FNB Namibia. "True value creation for Namibians with FNB's great performance", she said.

Also in the results' presentation attendance, the deputy minister of finance Natangwe Ithete congratulated FNB Namibia for a huge increase in profits. "Continue being the people's bank", he said.

STRATEGY

FNB Namibia's success is attributable to a strategic focus. The bank's vision 2020 of being the best employer in Namibia to the best people who are passionate about stakeholder relations is backed and guarded by a strong strategic plan.

Over the past few years, FNB has introduced various services that make banking easier and exclusive. Such services include the much talked about e-wallet and this has made it to be labelled by some of its clients as one of the most innovative and helpful banks in the country.

SOURCE:THE NAMIBIAN