Bank Windhoek has launched a mass market option focused on providing banking solutions to low-income earners.
In a statement last week, the bank announced the new option, Selekt Red.
Selekt Red offers access to an affordable and flexible account, with options to suit the customer’s lifestyle.
“Backed up by research with various stakeholders, Bank Windhoek will facilitate this offering to regular income earners between N$3 000 and N$15 000,” noted the statement.
Bank Windhoek’s executive officer for retail banking services and specialist finance James Chapman said the mass market’s size significantly impacts the economy’s sustainability.
With Selekt Red, Bank Windhoek seeks to invest in a value proposition that inclusively serves many Namibians, he said.
“This approach will ensure that Bank Windhoek remains a connector of positive change, contributing to society’s overall well-being while making innovative and personalised offerings available,” he added.
According to Chapman, the account will offer clients multiple savings pockets.
“The customer can access a custom range of benefits, while choosing an option that fits their pocket,” he said.
“The account can hold multiple savings pockets for goals set, and fixed and flexible savings products for the customer and their friends and family.
The Swipe and Save feature within the account allows a customer to save on the go,” said Chapman.
He added that clients can now also access credit with the Selekt Red credit card.
“Clients can access existing credit facilities such as personal loans, housing loans, car loans and the Selekt Red credit card.”
The monthly bank costs start from N$65, depending on the customer’s choice.
Additional features include automatic funeral and legal cover for life’s unexpected events, to help customers protect what matters the most.
“The bank will also offer drafting of the customer’s wills and testament and safe custody thereof.
The review of a customer’s will, estate planning and financial advisory services will also be free of charge,” said Chapman.
To deal with banking criminal activities that are on the rise, Chapman said the new offering will come with financial education centred around how clients can protect themselves from fraud.
“The Selekt Red offering will include financial education, fraud protection and prevention content centred on cybercrime and digital fraud,” said Chapman.
A mass market is a large group of current and prospective customers whose individual members share similar needs.
The size of a mass market depends on the product category. Mass marketers typically aim at between 50% and 100% of the total market potential.
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