Regulatory Alerts2023-06-30
Guidelines on Agent Banking (BIG-4) 2023
The Bank of Namibia issued the BIG-4 Guidelines to establish a regulatory framework for agent banking, requiring authorized institutions to submit written notifications and risk assessments before launching an agent network. The framework mandates strict suitability and eligibility criteria for agents, defines permissible activities such as real-time transactions denominated in Namibia Dollars, and prohibits actions like charging direct customer fees or subcontracting without approval. Banking institutions must maintain ongoing supervision, implement minimum consumer protection and disclosure measures, and submit quarterly statistical returns on agent operations to the central bank.
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