The Bankers Association draws consumers to the importance of the Code of Banking Practice

The business of banking, which is defined as a means of receiving money from customers and protecting such deposits, is an important institution in any country as it enables customers to access money and save it, ensuring that businesses can trade and the economy can thrive.
Banks and other financial institutions are regulated by the government in Namibia to ensure that they comply with the law and that the rights of customers are protected.
BAN, though its members have adopted a Code of Banking Practice which is a voluntary code which sets the minimum standards for banking services. These seek to ensure that customers are aware of their rights and obligations, as well as the products they can access. It is also aimed at informing and educating customers about what they should expect when interacting with banks.
Brian Katjaerua, the Chief Executive Officer of BAN says it is crucial that customers are made aware of these standards and how banks are supposed to deal with them.
“The code is aimed at promoting sound banking, encouraging transparency, accountability and the reliability of banking services”.
Katjaerua said the Code of Banking Practice outlines what banks should aim to achieve: which is to:
• Treat all customers fairly all the time. It is important for banks to treat customers with respect regardless of who they are and what their circumstances are.
• Be honest and transparent, providing clear information in a simple to understand manner to customers.
Accountability. Banks must account to customers, regulators and other stakeholders
• Reliability. Banks need to assure customers and regulators that they take their duty of care seriously when dealing with monies deposited by customers or any products.

Katjaerua said the Code is meant to guarantee that there are sound practices in banking by setting minimum standards for banks when dealing with customers.
Transparency, he adds, will ensure that customers have a better understanding of what they can expect from bank staff, the products they use and the service they receive. It is also important that the relationship between customers and banks is based on fairness and mutual respect. In general, the Code aims to foster confidence in the Namibian banking system.
Economic activity, from large companies to small enterprises is depended on an efficient and accessible banking system. BAN, via its members, aims to ensure that customer experience fosters confidence in the system and that they feel secure in the knowledge that banks have their interest at heart.
In instances where customers are not satisfied with the level of service they receive or have queries, BAN encourages them to contact their respective banks first for their dispute to be resolved. Should the dispute not be resolved amicably despite best effort, customers can contact the Bank of Namibia, Banking Supervision Department and lodge formal complaints against banks with the Bank of Namibia, which is the regulator of banks.