By: Nghiinomenwa-vali Erastus
The newly enacted Banking Act empowers the Minister of Finance and Public Enterprises to regulate fees and charges imposed by banking institutions on their customers.
This was revealed in the 2023 annual report of the Bank of Namibia.
According to the central bank, complaints regarding exorbitant fees and charges levied by banking institutions have been on the rise, prompting the need for regulatory intervention.
The 2023 annual reports of commercial banks indicate a staggering N$4.5 billion in non-interest income, which includes revenue generated from fees and charges.
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