FNB promotes cash back option

Did you know, that you can ask for cash when paying for your purchase at a till? Did you know that this is another option for FNB customers to avoid having to queue at an ATM or the bank? So, asks Jerry Elago, Head: Customer Digitisation & Partner Banking at FNB Namibia.

Even though FNB Namibia has a strong presence in Namibia with ATMs, Points of Sale, branches and the availability of all digital channels � due to the vastness of the country, there is always room for improvement, especially when it comes to accessibility of funds for our customers, adds Elago. We currently have 167 retailers from Aminuis and Epukiro to Khorixas and Windhoek who offer the cash back option at the till and ready to serve our customers.

The cash-back option at points of sale is nothing new, but it is an option FNB Namibia would like to promote even more, especially in areas where ATMs or physical branches are hard to reach and where digital options do not necessarily operate optimally at all times. Financial services are an important ingredient to poverty reduction, and studies have shown that inclusion can accelerate economic growth, reduce income inequality and spur innovation. We believe that access to services at financial institutions will lead to savings, which in turn could insure against bad debts.

Financial inclusion has been on the radar of the Namibian government since independence and strides have been made by various financial institutions, including the commercial banks to bring banking closer to all Namibians. FNB Namibia wishes to encourage Namibians to make use of the cash-back at selected points-of sale, to prevent customers having to queue for a long time or having to travel great distances just to withdraw some cash, says Elago.

He explained the process for withdrawing money at a till, using an item purchase price of N$10 as an example. Take your purchase item to the till and ask for any amount of cash from the till, for example you would like N$ 100 cash. The cashier will then swipe your card for N$111.50 (cash plus the purchased item and 15 percent VAT) and you walk away with your item and the cash.

Look for the branding or ask your retailer if they offer FNB Cash Back or contact the FNB call centre for a list of retailers, said Elago.

Source: New Era Newspaper Namibia