Africazine:
FNB Namibia has launched weSave, a new group savings account that modernizes traditional community-based saving practices.
This innovative product allows members to collectively save towards shared goals, fostering financial discipline and accountability. The account was unveiled at a media launch in Windhoek, emphasizing its cultural relevance and customer insight.
weSave: A Modern Take on Community Savings
weSave draws inspiration from the southern African tradition of stokvel, where community members save together for common purposes. This account enables individuals to commit to saving a fixed amount over a defined period, promoting a sense of trust and collaboration among participants.
FNB Namibia’s CEO of Retail, Mbo Luvindao, highlighted that weSave formalizes a practice that has long been part of African culture. The account provides a secure, digital, and interest-bearing platform for customers to save together, reflecting the bank’s commitment to innovation that resonates with local traditions.
Namibia: Key figures on weSave
- No monthly account fee
- Interest earned on all positive balances from as little as N0
- Immediate access to funds through FNB Digital Banking
- Financial message notifications sent to all group members
- Free ATM deposits
- Free balance and statement enquiries via FNB Digital Banking
- Guaranteed capital and quoted returns
Benefits of weSave for Customers
With weSave, customers can save for various milestones such as education, special occasions, and investments. The account’s features are designed to enhance the saving experience, making it easier for groups to achieve their financial goals.
This launch follows FNB Namibia’s introduction of the Collective Buying product, which allows customers to jointly purchase property. Both initiatives reflect the bank’s dedication to addressing real customer needs and enhancing financial inclusion.
Next Steps for FNB Namibia
- Monitor customer feedback on weSave
- Explore additional features based on user experiences
- Continue promoting financial literacy and community engagement
FNB Namibia is redefining group savings by blending tradition with modern banking solutions.
