13 Feb 2014 18:50pm
WINDHOEK, 13 FEB (NAMPA) Standard Bank Namibia has issued a reminder to customers that petrol cards will be phased out this month as per Bank of Namibia (BoN) regulations.
In 2013, the Bank of Namibia served a notice on all financial institutions that the usage of garage/petrol cards will be phased out by all financial institutions and will no longer be accepted as legal tender for purchases of fuel, spares or repairs in Namibia by 28 February 2014.
The regulation pertaining to the Determination on the Conduct of Card Transactions within the National Payment System (PSD-4) came into effect on 30 June 2013.
In a media statement issued on Thursday, Standard Bank Namibia's Manager for Unsecured Lending, Credit Card Issuing and Market Development Deborah Henckert reminded the bank's customers that petrol cards can no longer be used as from the end of this month.
Henckert said customers have the option to pay cash or use their Standard Bank credit or debit cards, or fleet cards when fuelling up or having a car serviced.
She said the phasing out of petrol/garage cards in Namibia does not affect the banks Fleet Management Cards.
We are aware of the concerns raised by service station owners and stakeholders from the oil industry about the phasing out of petrol cards. However, we are pleased to inform the oil industry that the phasing out will have no direct impact on their businesses, because they will be able to continue using their Standard Bank Fleet Management Cards as in the past, Henckert stated.
She said customers can apply for a credit or debit card from Standard Bank Namibia and use that to purchase fuel as from the end of the month.
A credit card is quite versatile in the sense that it is a universal card recognised and used internationally. It can be used anywhere in the world, she said.
She noted that the card is also ideal for travelling as over 30 million merchants accept it worldwide and at all MasterCard and Cirrus ATMs.
The First National Bank of Namibia (FNB) issued a similar notice.
FNB's Communications Manager Vicky Muranda said in a statement issued on Thursday the bank realises that the new regulation by the BoN could be inconvenient for numerous people and especially companies that cannot issue their drivers with the companys debit or credit cards, nor with cash for big lorries.
At FNB Namibia, however, we have a number of solutions for both small companies and those that sit with a fleet of three or more vehicles. Our doors are always open and we encourage our clients to talk to their personal banker, she said.
Muranda said normal motorists can refuel with their debit or credit card, but warned that they should first find out whether the service station takes these cards as they can exercise their right to only accept cash for fuel purchases.