The Bank of Namibia (BoN) is calling on local and international companies to supply and implement an instant payment solution. The bids officially opened on 1 August and will lapse on Friday. This invitation for bids comes after some of the central bank’s board members allegedly pushed the governor to cancel a decision to hand-pick…
Namibia has enacted the country’s first legislation to license and regulate Virtual Asset Service Providers (VASPs) and Initial Token-Offering Service Providers (ITOSPs), the central bank announced this week. Namibia became only the 3rd Sub-Sahara African country to take legislative steps to regulate this sector and fully protect the public against potential risks, the Bank of…
The Bank of Namibia (BoN), in their latest money and banking statistics, said private sector credit extension has grown from 1,5% in May, to 3% at the end of June. “Growth in the private sector credit extension rose at the end of June 2023 … Overall, banking industry cash balances remained elevated, albeit lower in…
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A new Electronic Funds transfer system called NamPay, has been gradually introduced into the local market, comprising of an enhanced debit orders system called EnDO, an enhanced credit payments system called EnCR, as well as a near-real-time credit payment system referred to as NRTC. The Bank of Namibia, in collaboration with the Payment Association of…