the banking market in Namibia is complex.

FNB has a crazy monopoly because of accessibility, convenience (technology) and social attitudes.
i see Standard Bank is trying to penetrate younger age groups. it’s a brilliant move because young people have the most mobility. THREAD.

young people can move from bank to bank because they don’t have debit orders, they don’t need good credit histories with their banks, etc. any bank actively targeting young people is smart-thinking.

standard bank has youthful ambassadors. they’re diverse — well, almost. but that’s a story for another day.
STD Bank is the only bank that has actively started a campaign aimed at capturing the hearts of young people.
but their ability to translate that into clients? ....

choosing a bank is not a black and white process. for most people, the choice is made by parents, older people, etc. you remain with that bank until you’re grown enough to make independent financial choices.
but by that time, you’ve most likely grown comfortable with your bank.

anybody who grew up using FNB will tell you that no matter how frustrating that bank is, its convenience and ability to be ahead of its time in terms of technological advances is unparalleled. the bank has so many ATMs, it’s insane.

each bank has its niche corporate social responsibility.
standard bank is housing. nedbank is food. FNB is a little bit of everything, but mostly sports. bank windhoek thinks research and think pieces are enough. letshego has not been added to the whatsapp group.

standard bank is trying to break the strong perception that it is for the working class. nedbank is just there; even the working class are afraid of it. they don’t even try; they just create a new loan product every time they want reach.

but it’s also not lost on me that some banks are focusing on other means of income that are unrelated to bank charges, etc. idk.

this thread is a mess. why are you still reading?

fnb is a big bank, but its use of disconnected and detached marketing agencies is a waste. why are you sending white people to go and talk to kukus in Eenhana?

Standard Bank seems to be overly focused on urban population. that’s why they’ll remain where they are.
bank windhoek has ATMs in local languages. nice.

Nedbank is still a merchant bank, to be honest.

Letshego don’t even deserve their banking license.

one of the banks need to start an extensive campaign which teaches financial literacy. partner up with the Financial Literacy Initiative.
or start a campaign that teaches recent graduates about our tax system as a way to offer products.

also, why is nobody trying to persuade informal economy into entering the banking system?
literally, there’s so much potential in informal markets. start a campaign that reaches those people.

but most importantly, banking is about CONVENIENCE. if i have to drive in circles looking for an ATM, i’m probably going to move from you. i want quick access to money.