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...
The value of Electronic Funds Transfers (EFTs) transactions processed by Namclear was significantly higher in 2023 than in 2022. EFT transactions processed increased to 27 million, valued at N$388 billion, which represents a 9% increase in volume and a 10% increase in value. Namclear is the Namibian Automated Clearing House (ACH) and is a designated...
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...
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...
Namibians and Angolans will now be able to transact easily across borders using several methods, including visa, credit card and electronic tranfers. This follows steps taken by the two countries to enact various payment methods that will make the ease of doing business hassle-free, the Bank of Namibia (BoN) says. Both the BoN governor, Johannes...
The Governors of the Bank of Namibia (BoN), Johannes !Gawaxab, and the Banco Nacional de Angola, Manuel Dias, have announced progress in the issuance and use of payment mechanisms between the two countries as part of efforts to smoothen trade-related transactions. “To this end, the central banks explored various payment mechanisms to enhance trade between...
FNB Namibia says its CashPlus channel has grown by 44% annually, with transaction values surpassing the N$100 million threshold, totaling $110,424,830 processed for December 2023. “We pride ourselves on providing inclusive financial services, and this milestone is a testament to the unwavering trust and confidence our customers place in our products. Experiencing robust growth, CashPlus...
Martin Endjala It has been revealed that 3.1 percent of Namibian transactions conducted during the Black Friday period, spanning from 23 to 27 November 2023, were potentially fraudulent. Globally, the figure stood at 3.6 percent for all e-commerce transactions according to findings from TransUnion regarding global e-commerce fraud trends for the start of the 2023...
In the wake of a rise in e-wallet scams, First National Bank (FNB) Namibia says a lack of understanding of the role of the one-time pin (OTP) is the leading cause of clients falling victim to conmen. During a media engagement with FNB, the bank revealed that 788 fraudulent e-wallet transactions were recorded between August...