Regulatory Alerts2012-01-25
Added · Updated
Directive (PSDIR-5) to Prohibit Sorting-at-Source of EFT Payment Instructions in Namibia
The Bank of Namibia issued Directive PSDIR-5 to prohibit the practice of sorting-at-source of Electronic Funds Transfer (EFT) payment instructions within the Namibian National Payment System. The directive mandates that all banking institutions and persons must submit EFT instructions to a single collecting bank, thereby eliminating the avoidance of Namclear's clearing and settlement processes. Non-compliance constitutes an offence under the Payment System Management Act, 2003, and is subject to penalties.
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