Money Matters - Bank Windhoek

Issue 286

Money Matters

January 2013

COMMITTED TO THE CODE OF BANKING PRACTICE The Governor of the Bank of Namibia, Mr Ipumbu Shiimi and the Chairman of the Bankers Association of Namibia, Mr Christo de Vries, jointly launched the Guidelines for Lodging Customer Complaints of the Bank of Namibia and the Code of Banking Practice of the Bankers Association of Namibia on 28 February 2013.

Marlize Horn Executive Officer: Marketing and Corporate Communication Services

The joint launch of these documents signified a commitment by the banking sector and regulator to work together to the benefit of the consumers of banking products and services in Namibia. But what does the launch of the Code of Banking Practice mean for clients of Bank Windhoek and the other banks in Namibia? In this edition of Money Matters, we outline the objectives and principles as set out in the Code. As a member of the Bankers Association of Namibia, Bank Windhoek is committed to provide our clients with the highest standards of service and fully subscribes to the Code of Banking Practice. The re-launch of Bank Windhoek’s Service Charter in March 2013 signifies our renewed focus on providing our clients with excellent service. The Code of Banking Practice promotes standards for sound and transparent banking practices and is a big step towards the enhancement of consumer protection in Namibia. The Code of Banking Practice is a voluntary code which sets standards of good banking practice forx financial institutions to follow when dealing with customers. The Code will henceforth guide the interactions of banks with their clients and it will help clients to better understand their rights and responsibilities as well as the bank’s responsibilities in serving the client. The Code of Banking Practice has been developed to: • promote good banking practices by setting minimum standards for banks when dealing with their clients; • increase transparency so that clients can have a better understanding of what they can reasonably expect from the products and services of banks; • promote a fair and open relationship between clients and their bank; • foster confidence in the banking system; • promote the speedy and effective handling and resolution of complaints. Bank Windhoek, as a member of the Bankers Association, undertakes to abide by the following fundamental principles as set out in the Code of Banking Practice: • Act fairly and reasonably in all our dealings with our clients, by meeting all the commitments and standards in the Code of Banking Practice; • Continuously work towards improving the standards of practice, service and effective access to appropriate financial services in the banking industry; • Promote better informed decisions about our banking products and services: • Provide information to clients in plain and understandable language, using standardized terminology, offer assistance on any aspect which a client do not understand, verbally explain written information and brochure content in a vernacular language of their choice in cases where they are unable to understand. • Ensure that all products and services comply with relevant laws, regulations and the standards set out in the Code of Banking Practice; and • Provide reliable banking and payment systems services and take reasonable care to make these services safe and secure; similarly clients are required to take due and proper care. • Advise clients of their rights including waivers of rights. • Put adequate measures in place to detect aggressive or abusive treatment of consumers by bank’s staff and / or their agents, particularly during the loan sales and debt collection processes. Bank Windhoek understands that the value in the Code of Banking Practice lies in the awareness and understanding thereof and will therefore make a concerted effort to ensure that our clients have access to a copy. The Code of Banking Practice (including the Bank of Namibia’s Guidelines for Lodging Customer Complaints) can be downloaded from the website of the Bank of Namibia at www.bon.com.na and the website of Bank Windhoek at www. bankwindhoek.com.na, or the websites of First National Bank, Standard Bank and Nedbank. Bank Windhoek would like to encourage its clients to avail themselves of the content of the documents. If you require a hard copy of the Code of Banking Practice, contact your nearest Bank Windhoek branch or contact us at Tel: (061) 299 1267. Hafeni Antonius is the lucky winner of N$1000.00 in the Money Matters Issue 285 poll draw.

You could win N$1000! Opinion Poll Do you think that the Code of Banking Practice will enhance Consumer Protection in Namibia? SMS the number “1” followed by “yes” or “no” to 987 or email: [email protected] or vote online at www.bankwindhoek.com.na *SMSs charged at normal rate

Money Matters Issue 285 Results: Will the Code of Banking Practice help you to better understand your rights as a client of a bank?

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