Recognising hard-working individuals of all ages and diverse cultures who want to lead better lives and aspire to success, Bank Windhoek will launch the Selekt Red offering on Friday, 20 September 2024. The launch of Selekt Red is the Bank’s value proposition within Namibia’s retail mass segment, emphasising that the Bank is mindful of Namibians and their financial challenges and needs.
Backed up by the Bank’s research with various stakeholders, Bank Windhoek will facilitate this offering to regular income earners between N$3,000 and N$15,000.
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 this unique Selekt Red offering, Chapman said, Bank Windhoek seeks to invest in a value proposition that inclusively serves many Namibians. “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,” said Chapman.
Chapman said Selekt Red offers access to an affordable and flexible account with options to suit the customer’s lifestyle. “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, their friends and family. The Swipe and Save feature within the account allows a customer to save on the go. 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$65.00, 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. While pursuing financial goals, Bank Windhoek encourages clients to be mindful of unfortunate criminal activities that are constantly on the rise. The Selekt Red offering will include financial education and fraud protection and prevention content centred on cybercrime and digital fraud.
A mass market, also known as an undifferentiated 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 percent of the total market potential.
“As Namibia’s only wholly-owned commercial bank, Bank Windhoek journeys with Namibians, helping them manage their finances safely. Join Selekt Red and reach your financial goals while positively contributing to the growth of the Namibian and global economies,” Chapman concluded.