Josef Kefas Sheehama Even though it usually causes people to feel more nervous, it’s critical to keep in mind that compliance, security, and safety are important in a world of highly sophisticated financial crime. The Bank of Namibia released PSD-9 in 2022, and the new regulation may have taken effect on April 15, 2024. The...
November 15, 2024
Tag: crossborder
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Central bank provides relief for cross-border transactions – Latest News
The Bank of Namibia has given relief to banking institutions regarding regulatory reporting on cross-border Common Monetary Area (CMA) low-value transactions. According to the Exchange Control Circular No.2024/01, banking institutions are exempt from regulatory reporting requirements for cross-border CMA low-value transactions below N$1 million for individual clients and N$5 million for corporate clients. “The Bank...
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Cross-border Governors’ Forum meets in Eenhana – Windhoek Observer
Niël Terblanché order to continue building stronger bilateral ties, the Governor’s Forum of the bordering regions of Namibia and Angola was officially inaugurated in Eenhana earlier this week. The initiative is a crucial tool in the hands of the two neighbouring countries to address and surmount shared challenges along their borders through enhanced collaboration and...
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Common Monetary Area prepares for cross-border payment adjustments in April
By Michel Haoses. In compliance with regulatory directives, FNB Namibia has unveiled alterations to the process of making and receiving payments across borders within the Common Monetary Area (CMA), encompassing Namibia, Eswatini, Lesotho, and South Africa. Effective from 15 April, these changes will impact how clients engage in cross-border transactions. According to FNB Namibia Payments...
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FNB Namibia clients will no longer use domestic payment channels for cross-border EFTs
Clients of the First National Bank of Namibia (FNB) who receive cross-border electronic fund transfer (EFT) payments within the Common Monetary Area (CMA) will no longer be permitted to use domestic payment methods and channels. These cross-border payment changes take effect next month. This means all cross-border payments to an individual or a business in...
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New banking regulation to affect Namibians’ cross-border transactions – Business
All transactions between Namibia and countries in the Common Monetary Area (CMA) will be treated as international transactions from 15 April. In the past, these transactions were treated as domestic business. The CMA consists of Namibia, South Africa, Botswana, Lesotho and Eswatini. Before, payments between banks in Namibia and nearby countries were treated as if...
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CMA cross-border payment changes for Namibia set for April
Namibia’s banking sector will roll out changes to how clients make and receive payments between Namibia, Eswatini, Lesotho, and South Africa, also known as ‘the Common Monetary Area,’ as of 15 April 2024, in line with regulatory requirements. This means that all cross-border Electronic Fund Transfer (EFT) payments processed and received by clients within the...
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Banking sector set to roll-out cross-border payment changes in April – Business Express
In line with regulatory requirements, the banking sector will be rolling out changes to how clients make and receive payments between Namibia, Eswatini, Lesotho and South Africa also known as ‘the Common Monetary Area’ as of 15 April 2024. This means that all cross-border Electronic Fund Transfer (EFT) payments processed and received by clients within...
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Steinhoff: Reserve Bank manager signed off on billions in alleged unlawful cross-border transactions (Part One)
The SA Reserve Bank has laid a corruption complaint against a former divisional head at its Financial Surveillance department, Raymond Paola, who was between 2012 and 2017 tasked with overseeing Steinhoff’s large cross-border transactions. His co-accused is said to be former CEO Markus Jooste and company risk manager Chris Grové. Startling details contained in a...