Regulatory Alerts2017-12-28
Bank of Namibia Determination on the Reduction of the Item Limit for Domestic Cheque Payments
The Bank of Namibia issued this determination to formally reduce the maximum item limit for domestic cheque payments within the Namibian National Payment System from N$500,000 to N$100,000. This regulatory change applies to all banking institutions, Namclear, businesses, and individuals, requiring them to cease issuing, accepting, or processing domestic cheques exceeding the new threshold. The directive also prohibits the splitting of payments to circumvent the limit and mandates that banks provide alternative payment methods for transactions above N$100,000.
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