Regulatory Alerts2020-11-13
Determination on Disclosure of Bank Charges, Fees and Commissions
The Bank of Namibia has issued Determination BID-13 to mandate all authorised banking institutions in the country to transparently disclose and justify their bank charges, fees, and commissions. Institutions must publicly display these costs in branches and on digital platforms, incorporate them into written contracts, submit annual pricing reports to the regulator, and maintain clear customer complaint procedures. Effective 1 March 2021, the regulation ensures customers are not charged undisclosed or excessive fees while empowering the Bank to enforce corrective measures for non-compliance.
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