Regulatory Alerts2010-08-17
Regulations Relating to Fees Payable to Bank of Namibia
The Namibian Ministry of Finance has promulgated regulations under the Banking Institutions Act of 1998 to standardize fee obligations for authorized banking institutions. The framework establishes fixed application and authorization charges, calculates annual fees at 0.001 percent of total non-bank deposit funds with a N$20,000 floor, and authorizes payments via cheque or electronic transfer through the Namibia Inter-bank Settlement System. Furthermore, the rules impose a 10 percent monthly penalty for overdue amounts and formally repeal previous fee notices effective 31 December 2010.
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