Namibia to feature at the forefront of African financial system revolution – PAN
WINDHOEK – The Payment Association of Namibia (PAN) has introduced a brand-new solution called NamPay that the association feels can present an incredible opportunity for the Namibia National Payment System (NPS) to be among the most technologically advanced on the continent.
PAN Chief Operational Officer, Annette Rathenam, said during a recent media event that; “With PAN, in partnership with local banking institutions and payment service providers, the new payment solution will result in a major enhancement to the NPS for Electronic Fund Transfers (EFT) and impact all stakeholders directly or indirectly utilising this service.”
The NPS mandate is derived from the Payment System Management Act, 2003 (Act No 18 of 2003), as amended and administered by the Bank of Namibia (BoN).
According to PAN; “The new system is built based on the international financial message standard ISO20022 and the NamPay solution will comprise three payment streams across debit orders (EnDO), credit payment transfers (EnCr) and near-real-time (NRTC) credit payment transfers that will transform all EFT processing in Namibia.”
Rathenam added that the enhancement of the system is in response to a payment system determination by BoN that requires efficiency in the payment system. The delivery of the NamPay solution has been completed by means of a national project involving all parties involved in EFT payments clearing such as domestic banks, payment service providers, clearing house and PAN, Rathenam said.
Rathenam said the mandate is to ensure the safe, secure, efficient and cost-effective operation of NPS. PAN, in collaboration with the banking and non-banking industry, is in the process of phasing out cheques as a payment method by June 30, 2019, in their pursuit to cater for electronic payment instruments only.
According to PAN, they will continue to drive an awareness campaign of the new payment stream and will ensure that opportunity is created for frequent briefings in the public domain.
2019-04-09 09:26:15 2 months ago