Regulatory Alerts2024-09-27
Bank of Namibia Determination on Issuing Electronic Money (PSD-3)
The Bank of Namibia issued Determination PSD-3 under the Payment System Management Act, 2023, to establish minimum requirements for entities issuing electronic money in Namibia. The regulation mandates licensing for e-money issuers, defines permissible services and wallet types, and enforces strict safeguards for the safe storage of user funds in trust accounts. It further outlines compliance obligations regarding transaction limits, interest on pooled funds, dormant wallet procedures, and consumer protection standards to ensure financial inclusion and system integrity.
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