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Payment guidelines

 

As part of our ongoing commitment to keeping our clients informed about regulatory developments that may impact their financial activities, we wish to update you on the Bank of Namibia’s issuance of the Determination on the Conduct of Electronic Funds Transfer Transactions in the National Payment System (PSD-9) on 14 October 2022.

This determination focuses primarily on changing the current process of cross-border electronic funds transfer payments.

Here is a short overview of the latest developments in this matter, along with the measures we are implementing to mitigate any potential disruptions to clients’ business and financial operations:

  • For payments through our digital channels to South Africa, Eswatini, Namibia or Lesotho, you will now need to include the balance-of-payment (BoP) category or code – click this link for more information.
  • For both outward and inward payment transactions, you need to declare the reason for transaction using these BoP codes – for example 301 for dividends or 285 for tuition fees.
  • For outward transactions on the banking payment channels, it is important to select the correct BoP code. If you choose the incorrect code, this may delay the payment.
  • You will now need to capture additional information when making cross-border payments. This includes the following:
    • Payments to individuals:
      • First name and surname.
      • Gender.
      • Residential address, city and country.
      • Reason for payment.
      • Country.
      • Beneficiary bank’s SWIFT address.
      • The relevant BoP code of the transaction.
      • In the case of travel allowance, passport number.
    • Payments to businesses
      • Business entity name.
      • Physical address, city and country (not postal address).
      • Reason for payment.
      • Country.
      • Beneficiary bank’s SWIFT address.
      • The relevant BoP code of the transaction.

Debit orders collected from accounts in Namibian must originate from an account based in Namibia. The collection of debit order payments outside Namibian borders is no longer allowed.

 

Key updates

 

Effective date of changes: 9 September 2024.

  • Compliance with PSD-9: In alignment with the directives outlined in PSD-9, adjustments will be made to cross-border payments between Namibia, Lesotho, Eswatini and South Africa. Notably, clients will be required to furnish additional balance of payment (BoP) information for their payments.
  • Enhancements to electronic banking platforms: We are enhancing our electronic banking platforms to comply with PSD-9. These changes are designed to minimise disruptions for clients. Noteworthy enhancements include the provision of a comprehensive list of BoP codes to categorise respective payments.
  • Importance of choosing the correct BoP category: It is important to choose the correct BoP category when making a payment as choosing the incorrect one may delay the payment.

 

New payment guidelines

  • Single payment transactions to South Africa: Clients will continue to initiate payments through our digital channels (electronic banking systems). However, a new requirement mandates the inclusion of specific BoP categories.
  • Bulk payments to South Africa: Similar to single payment transactions, cross-border payments may still be included in bulk files, provided that the required BoP information is selected as additional payment information.
  • Collections: Debit orders collected from accounts within Namibian borders must originate from an account based in Namibia. Collection of debit order payments outside Namibian borders is not allowed.

 

CMA transfer pricing

Transaction type
Fee

N$20.00

CMA transfer cut-off times

Cut-off time

14h30

No processing

 

For more information on this contact your Personal Banker or Relationship Manager.