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Payment guidelines
As part of our commitment to keeping you informed about regulatory developments that may affect your financial activities, we would like to update you on the Bank of Namibia's Determination on the Conduct of Electronic Funds Transfer Transactions in the National Payment System (PSD-9) issued on 14 October 2022.
This determination focuses on changes to the current process for cross-border electronic funds transfer (EFT) payments.
Below is an overview of the key developments and the measures we are putting in place to minimise any disruptions to your personal or business transactions.
Balance of payment (BoP) requirements
For payments through our digital channels to South Africa, Eswatini, Namibia or Lesotho, you are must now include the correct BoP category or code.
For both outward and inward payments, you must declare the reason for the transaction using the relevant BoP code (e.g. 301 for dividends or 285 for tuition fees).
For outward payments, selecting the correct BoP code is essential – an incorrect code may delay the payment.
Additional information required
Payments to individuals
- First name and surname
- Gender
- Residential address, city and country
- Reason for payment
- Country
- Beneficiary bank's SWIFT address
- Relevant BoP code
- Passport number (for travel allowance)
Payments to businesses
- Business entity name
- Physical address, city and country (not postal address
- Reason for payment
- Country
- Beneficiary bank's SWIFT address
- Relevant BoP code
Note: Debit orders collected from accounts in Namibia must originate from a Namibian account. Debit order collections from outside Namibia are no longer permitted.
Key updates
- Effective date: 9 September 2024
- PSD-9 compliance: Cross-border payments between Namibia, Lesotho, Eswatini and South Africa now require additional BoP information.
- Enhanced digital banking platforms: Our channels will provide an updated and comprehensive list of BoP codes.
- Correct coding matters: Selecting the right BoP category is crucial to avoid delays.
New payment guidelines
- Single payment transactions to South Africa
Clients can continue initiating payments via digital channels, with mandatory BoP categories.
- Bulk payments to South Africa
Cross-border payments may still be included in bulk files, provided all required BoP information is supplied.
- Collections
Debit orders must originate from Namibian accounts.
CMA transfer pricing
Transaction type |
Fee |
|---|---|
N$20.00 |
CMA transfer cut-off times
Cut-off time |
|
14:30 |
|
No processing |
For more information, please contact your personal banker or relationship manager.
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