Windhoek
As from January 15, Standard Bank Namibia may no longer accept cheques in excess of N$100 000. This comes after the Payments Association of Namibia (PAN) officially instructed all commercial banks to reduce its cheque limits from N$500 000 to N$100 000.
“The 15th was the last date for depositing cheques of more than N$100 000. Inter-bank clearing will be completed by 21 January 2016. After the 21st of this month, banks and relevant clearing institutions will no longer process cheques,” informs Surihe Gaomas-Guchu, corporate communication manager at Standard Bank Namibia.
According to PAN reducing cheque limits is part of phasing out cheques, which they anticipate by December 31 2017. “Earlier phasing out of cheques by customers is strongly recommended to avoid inconvenience and interruptions,” the PAN statement says.
“Customers should take note split payments, where amounts of more than N$100 000 are split into smaller amounts, are a contravention of the national payment rules according to PAN,” warns Gaomas-Guchu.
PAN is the association responsible for managing the national payment system in Namibia. PAN is licensed and recognised by the Bank of Namibia through the Payment System Act, 2003.