Bank of Namibia

Frequently Asked Questions


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Frequently Asked Questions
Definitions of Terms:

Bank - means Bank of Namibia

The role played by the Bank is mainly that of a mediator. This is done in the spirit of finding an amicable solution between the banking institutions and their aggrieved customers, pending the establishment of the Financial Services Adjudicator who will be responsible for adjudicating complaints by consumers against financial services sector.

The mediator assists and guides the parties toward their own resolution. The mediator does not decide the outcome, but helps the parties understand and focus on the important issues needed to reach a resolution.

Any individual or small business that expresses grievance or dissatisfaction regarding the usage of any product or services provided by a banking institution, including a representative of such individual or small business, may lodge a complain with the Bank.

Our services are available to individuals as well as small businesses whose annual turnover is less than N$1,000,000 (One million Namibian Dollars). A small business may be a company, close corporation, a partnership or a trust.

A complaint can be filed by completing the customer complaints form and submit in the following ways:
  1. By hand to the Head Office, namely 71 Robert Mugabe Avenue, Windhoek.
  2. By post to the Head Office of the Bank, namely P.O. Box 2882, Windhoek.
  3. Electronic mail to complaints@bon.com.na
  4. Bank’s website through the online service.

We need to get certainty of each person's complaint so that there are no misunderstandings between the complainant and ourselves or between the banking institution and the complainant. We also need to show the banking institution that we have your permission to see private details of your bank accounts.

Most complaints are resolved within 2 months, however the process can take up to 4 months if a full investigation is required. We will try to finalise the complaint as soon as possible, but certain factors such as the complexity of the complaint may delay the process beyond our target of 4 months. We rely on written communication and try to use the quickest way of sending and receiving letters. We encourage both the banking institutions and the complainants to respond to our letters and emails as soon as possible.

We can accept any complaints about a banking institution's products or service when the banking institution has not acted properly and in accordance with either the law or the Code of Banking Practice in Namibia, and you have suffered a loss or distress and inconvenience. Examples include maladministration, transaction errors, negligence, breach of contract and fraud.

We cannot assist complainants that were not first reported to the banking institution concerned for resolution, except for cases where good cause can be shown why the complaint was not dealt by the banking institution in the first case. We are not a court of law and cannot hear evidence under oath. We therefore will not investigate matters where there are major disputes of fact that could be best resolved by a Court of law or through any other available dispute resolution process, or where legal action has started.

A recommendation made by the Bank, as mediator, is not final on the complainant. A complainant is free to exercise his or her right to approach a Court of law or other legal options.

Any complainant or banking institution may request the Bank in writing to reconsider any decision made. The Bank may make its decision on reconsideration without further submissions being received or it may provide an opportunity for the complainant or the banking institution to provide further written submissions in a manner determined by the Bank;

Once a complaint is resolved, the matter is regarded closed and no further claim on the same issue may be instituted again.

The Bank, as mediator, impartially evaluates the complaint, makes an assessment, engage and make recommendation to the banking institution based on the merits of the complaint. The Bank can therefore not punish or fine a banking institution on the grounds of a complaint laid against them.

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