Central bank to regulate all payment service providers

The Bank of Namibia has decided to take on the sole role of the licensing and regulation of payment service providers.

This role was previously shared with the Payments Association of Namibia (PAN).

The central bank’s deputy governor, Leonie Dunn, said this development enhances the bank’s ability to ensure the efficiency and continuous modernisation of the national payment system.

‘’The amendments in the new law will enable a more diverse and innovative payment system that encourages new forms of payment methods in Namibia,” said Dunn.

According to the spokesperson of the central bank, ​​Kazembire Zemburuka, having a single regulator provides regulatory certainty and reduces the administrative load on payment service providers.

“By having a single regulator, the bank is eliminating the need to interact with two regulators, and by doing so we are bringing the domestic national payment system in line with international best practices, ” he said.