Regulatory Alerts2022-10-14
Bank of Namibia Determination on the Conduct of Electronic Funds Transfer Transactions in the National Payment System
The Bank of Namibia issued Determination PSD-9 to regulate the conduct of domestic and cross-border electronic funds transfer transactions within the National Payment System. The regulation mandates that all EFT transactions be processed through authorized domestic financial institutions, clearing systems, or correspondent banking arrangements, explicitly prohibiting the use of foreign payment service providers for domestic collections. It further establishes strict requirements for valid mandates, dispute resolution, and reporting to ensure the safety, security, and efficiency of the payment infrastructure.
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