EBank

November 20, 2014, 4:33pm

EBank Overview

 

1.1 Who is EBank?

EBank Ltd has been established by the Pointbreak Group, a Namibian Investment and Wealth Management Company, in association with TYME (Take Your Money Everywhere) Capital, a banking solutions provider, the primary instance of which is the MTN Mobile Money retail bank offering in South Africa.

EBank is a commercial bank in Namibia. Our vision is to be Namibia’s most accessible Bank! EBank will be the first truly branchless bank in Namibia, reliant on technology and a network of retailers to provide key services.
 

1.2 What makes EBank different?

EBank is the seventh commercial bank in Namibia but is different to the established players by:
 

  • Being branchless and using a network of retailers for key transactions;
  • Leveraging technology for paperless, quick opening of accounts;
  • Offering simple, easy to understand products;
  • Making pricing transparent and understandable;
  • Giving the power to manage finances to the client base – opening and accessing financial services anywhere at any time.

 

1.3 Where can I find an EBank branch?

EBank will not have traditional bank branches but has partnered with a variety of retailers to allow cash in (deposit) and cash out (withdrawal). In addition, EBank clients can pay these retailers with their mobile phones. For a comprehensive list of our retail partners, please go to ebank.na.

EBank will have a team of Ambassadors to assist clients in opening accounts and any queries they may have. For a comprehensive list of where to find our Ambassadors, please go to ebank.na.

 

2 Account Opening

 

2.1 How do I open an account with EBank?

Individuals with a Namibian SIM card (provided currently only by MTC) and a Namibian ID or South African ID number will have the ability to open an EBank account on their phone from any location. Would-be clients will need to dial *140*140# on their phone and follow the on-screen commands, including entering their ID number, accepting EBank’s Terms and Conditions, setting a secret PIN and providing their name and surname. 

Alternatively, would-be clients can visit an EBank Ambassador who will capture key details for FIA purposes into pre-designed forms on screen as well as capture images of the person and identity document.
 

2.2 What documents do I need to open an account with EBank?

For would-be clients who would like to open an account on their phone, the person is required to have a Namibian or South African identity number. 

For any Namibian or foreigner over the age of 16, an account can be opened by visiting and EBank Ambassador and presenting either an original identity document or passport.
 

2.3 Do I require a minimum account balance?

No, EBank does not require you to deposit an amount when opening an account nor do we require an ongoing minimum balance.
 

2.4 What is an EBank Ambassador?

An Ambassador is an EBank employee that is responsible for marketing EBank to potential clients; originating new client accounts; and educating clients about basic banking principles and how to use EBank channels and solutions.

EBank Ambassadors are trained on all aspects of EBank‘s business model including vision and mission, products, channels, client service and sales. They are individuals located within specified areas of responsibility, which are published and updated on our website, www.ebank.na.
 

3 EBank Products

 

3.1 Why does EBank refer to “solutions”?

Clients opening an account with EBank are given a choice of two product sets, namely the EBank Easy Solution (“Easy Solution”), comprising a transaction and linked savings account(s) subject to specific limits and conditions, or the EBank Smart Solution (“Smart Solution”), comprising a transaction and linked savings account(s) with less stringent limits and conditions. The EBank Easy Solution and the EBank Smart Solution are jointly referred to as your “Solution”. 
 

3.2 What is the EBank transaction account?

The transaction account acts as a payment facilitator and provides access to funds on demand and in real-time. The key features of the account are: 

  • Primarily USSD based;
  • Non-interest bearing;
  • Monthly service fee depending on the level of account opened;
  • Free internet and mobile internet banking.

 

3.3 What is the EBank savings account?

EBank clients can choose whether or not to use the 32-day notice savings account and no monthly fees will be levied against this account. Money can be moved into the savings account via an EFT or a transfer from the transaction account but money can only be moved out of the savings account via the transaction account. 
 

3.4 What differentiates EBank Easy from EBank Smart?

EBank offers two different solutions for individuals – EBank Easy and EBank Smart. 

EBank Easy can be self-originated on the mobile phone via short code or opened at an EBank Ambassador or Agent. The account has certain limits on it and is a ‘pay as you go’ solution – clients will not be charged a monthly fee, do not need a minimum balance but will be charged per transaction. The full suite of services and channels is available to EBank Easy clients. 

EBank Smart can only be set up at an Ambassador or Agent. The account has no limits (except for daily channel limits) and pricing is based on a fixed monthly free principle – all transactions are free. This solution will also offer higher interest rates on the linked savings accounts than EBank Easy.
 

3.5 How do I create new accounts?

Clients can create new savings accounts as an EBank Easy client as well as new transaction and savings accounts as an EBank Smart client. Any of the EBank channels – internet banking, cell phone banking or short code can be used to create accounts by simply going to the appropriate tab or menu option and selecting “open new account”.

 

3.6 How do I name my accounts?

All transaction and savings accounts can be personally named. EBank’s internet banking and cell phone banking (mobi site) can be used to name accounts by simply going to the appropriate tab or menu option and selecting “name account”.
 

3.7 Can I get an EBank debit card?

EBank will not be launching a debit card initially but will inform clients when this channel is available.
 

3.8 Can I get a loan with EBank?

Not for the initial period after launch. We will inform clients when loan products are available.
 

3.9 Will EBank cater for my business banking requirements?

EBank is in the process of developing a comprehensive business banking solution and will inform clients when this solution is available. 
 

4 EBank Channels

 

4.1 How do I deposit and withdraw my money at EBank?

Partner retailers will provide facilities that allow EBank clients to cash in (deposit) or cash out (withdraw) via cellphone or mobile internet banking sessions on the mobile phone. Clients would need to log onto their mobile phone and request an eight-digit ECode for cash in, cash out or payment. For cash in and cash out, clients will also need to specify the amount. The teller will then enter the unique ECode as well as the Dollar amount required. A printing facility will enable printing of receipts. 

ECodes can only be used once and are only valid for 15 minutes. ECodes are specific to the transaction type and amount specified. 

For a comprehensive list of our retail partners, please go to ebank.na.
 

4.2. What is an ECode?

An ECode is an eight-digit number to facilitate cash in, cash out or payments at an EBank retail partner. The ECode is requested either by dialling *140*140# or by logging onto mobi.ebank.na

ECodes can only be used once and are only valid for 15 minutes. ECodes are specific to the transaction type and amount specified. 
 

4.3 How do I access EBank on my cellphone?

Accessing EBank via the cellphone can be done in two ways:

  • Short code: by dialling *140*140# and entering their Secret PIN, clients can access a full menu of services;
  • Mobi internet site: by accessing https://mobi.ebank.na, clients access internet banking adapted for mobile phones. The site has been designed to look like an app for ease of use. Smart apps will, however, follow in future.

 

4.4 Can my Transaction be reversed and can I return items bought via EBank?

Once an EBank transaction has been processed at a retailer, it cannot be reversed or voided. For assistance, call the Client Service Centre on 061 297 11 00.

For returns, EBank retail partners will follow normal in store procedures.
 

4.5 What are transaction and channel limits?

For our clients’ safety, EBank has implemented a set of limits. At this point, these limits cannot be changed to suit individual requirements. 

  • Account limits: applicable to EBank Easy where an account may not have a balance higher than N$10 000.00 and where clients may not spend more than a certain amount per day.
  • Channel limits: applicable to certain transactions where minimum and maximum limits have been set per transaction type.

 

4.6 Does EBank provide internet banking?

Yes – EBank provides free internet banking. To log in, clients will need to access www.ebank.na and use their mobile phone number and Secret PIN.

EBank’s internet banking site will allow for typical features such as loading beneficiaries, making payments, viewing account statements, transferring money between accounts and changing personal settings. In addition, the EBank business banking website will cater for bulk payments and multiple user access. 
 

5 EBank Services

 

5.1 What services does EBank provide?

EBank offers the full suite of transaction services including:

  • Send money to another cell phone number;
  • Cash in money at a retail outlet;
  • Cash out money from a retail outlet;
  • Pay a retail merchant;
  • Buy airtime, electricity or other value-added services;
  • Transfer money between accounts;
  • Do EFTs;
  • View a mini statement;
  • …and more

 

5.2 Can I use EBank services outside of Namibia?

Not for the initial period after launch. We will inform clients when this service is available.
 

6 Legal Matters

 

6.1 What fees will EBank charge me?


For the full set of pricing, please go to www.ebank.na 

 

6.2 What if I lose my cell phone?

Clients can block their account if they lose their cell phone by dialling EBank’s Client Service Centre on 061 297 1100. Once the client has a new cell phone number, they can again call the Client Service Centre to change their EBank account onto their new cell phone number. 
 

6.3 What happens to my account if I die?

As with any other bank account, the EBank client account will be closed, the proceeds will be paid into the estate late banking account and will be dealt with as part of the estate by the Executor/Administrator.