Regulatory Alerts2025-03-31
Directive on the Regularisation of Cross-border Low-value Electronic Funds Transfers within the Common Monetary Area
The Bank of Namibia issued Directive PSDIR-10 to mandate payment service providers to transition cross-border low-value Electronic Funds Transfers within the Common Monetary Area from the temporary SADC-RTGS system to the Transactions Cleared on an Immediate Basis (TCIB) payment scheme. This directive requires providers to cease using the temporary settlement arrangement by 31 March 2027 and to execute all such transfers exclusively through the TCIB scheme starting 1 April 2027. The measure aims to ensure that these transactions are processed in an efficient, transparent, and cost-effective manner while maintaining compliance with Financial Action Task Force recommendations.
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