Regulatory Alerts2024-08-27
Added · Updated
Directive on the Speed and User Fees and Charges of CMA Transactions
The Bank of Namibia issued Directive PSDIR-9 to regulate the speed and fees for cross-border Common Monetary Area low-value transactions migrating to the SADC-RTGS system. The directive caps outward transaction fees at N$20 for amounts below N$1 million and N$30 for amounts between N$1 million and N$5 million, while limiting inward fees to N$25 and N$35 respectively. It further mandates that inward payments be credited within two business days and prohibits expressing fees as a percentage of transaction value.