Namibia’s new electronic fund transfer (EFT) system
The new national EFT system is called NamPay. Following a decision taken by the Bank of Namibia, the Payment Association of Namibia (PAN) in partnership with the banking institutions and suppliers, a new enhanced EFT system is being introduced into the Namibian financial sector. This system will comprise of three new payment streams. They are enhanced debit orders (EnDO), enhanced credit payments (EnCR) and near-real-time credit payment (NRTC) that will transform electronic fund transfers in Namibia.
The Bank of Namibia issued a Payment System Directive (PSD7), in accordance with which an enhanced electronic fund transfer system has been implemented. Introducing NamPay aims to ensure that Namibia and its national payment system remains on par with international standards.
EnDO is an abbreviation that refers to electronic "enhanced debit orders". The current debit order system will be replaced by an enhanced collections process, called EnDO.
The most prominent feature of NamPay would be that debit orders will no longer be deducted from clients’ accounts in a specific, predetermined prioritised order. NamPay will assign random sequences to debit orders submitted for collection in the national payment system. This means that your debit orders will be deducted from your bank account in a different order every month.
* 'Presented' here means: An attempt by the bank to collect the debit order against the client's account.
Service providers may choose to activate credit checking. Credit tracking is the continuous checking of funds on your account in the event that the debit order amount was not deducted from your bank account due to insufficient funds. Service providers may choose to check your account continuously for up to 14 days - the checking period may be shorter but it will not be longer than 14 days.
The new enhanced EFT system resulted in changes to the terms and conditions between the bank and its customers. To ensure that all the changes and impacts on the customers are duly considered in terms of Nedbank’s commitment to superior customer service, the terms and conditions have been updated. Kindly click on the link below for the new terms and conditions. Follow the Terms and Conditions tab to find the new Nedbank terms and conditions.
Payments made to beneficiaries at local banks by Nedbank customers through the Nedbank online banking or mobile app will operate over EnCR service. EnCR payments are processed between banks as received between 04h00 and daily cut off time of 14h00 on weekdays and 09h00 on Saturdays. Due to more frequent settlements between domestic banks during the day, EnCR payments will reflect on the customer's account on the same day. Please note that the fee charged for initiating a payment from a Nedbank channel remains unchanged, please visit the Nedbank Namibia website for pricing.
In addition to the EnCR payment stream, immediate payments (NRTC) will be introduced.
The NRTC payment stream enables a consumer to transfer funds in real-time to any of their beneficiaries within the same business day. NRTC payments are processed between banks as received between 04h00 and daily cut off times of 16h00 on weekdays and 11h00 on Saturdays, and will reflect within one minute (60 seconds) on the customer account. Please note that there are related fees applicable to this service, please visit the Nedbank Namibia website for pricing (see below when available).
Although NamPay went live with ENDO and ENCR, the NRTC streams will be activated during June/July 2021,date to be confirmed.
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