Branch-Less Ebank Takes Off

THE country’s newest bank, has entered into a payment agreement with Engen, it was announced yesterday .

In May of this year EBank was issued with a banking licence by the Bank of Namibia and formally announced as the 7th commercial bank in Namibia.

“Today I am pleased to announce the signing up of Engen Namibia as one such retail partner. We believe that this agreement will make a huge contribution to the achievement of our EBank vision and will be a game changer in the delivery of convenience solutions to Engen patrons,” said Jerry Elago, a senior official at Ebank during the signing of the agreement in Windhoek yesterday.

Ebank operates, what it terms as branch-less banking through a network of retail partners, such as Engen.

Elago said the retail partners create a footprint much larger than any traditional bank can offer through its branches.

“In addition, we leverage technology to enable our clients to access their bank account – anywhere and anytime, through their cellphone, tablet or personal computer,” Elago said.

EBank clients can use its retail partner outlets and at the till, deposit or withdraw money from their EBank account or pay for goods directly from their EBank account. Engen joins a network of EBank retail partners that includes Woermann Brock, Agra and Cymot outlets nationwide.

Engen managing director, Nangula Hamunyela said the company runs 34 Quick Shops.

EBank Limited’s chief executive officer, Michael Mukete says the new commercial bank aims to deliver cost-effective banking for all Namibians.

The bank offers two accounts – the Easy account and Smart account – which are optional to individuals with different bank requirements and charges.

The ‘Easy’ account can be created by individuals using their cellphones, while the Smart account can only be created by contacting the EBank office.

The EBank shareholding is made up of Pointbreak Group Namibia and South African banking solutions’ provider TYME, which own 42,44% each. The remaining 15,12% is owned by Monica Kalondo, the bank’s chairperson, and local businessman Martin Shipanga.

Source : The Namibian