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Payment Initiation Payment initiation refers to the customer providing their bank with an instruction to complete either a credit transfer or a debit collection to another customer, either within their own bank or to another bank. Payments can be initiated in multiple methods such as internet banking systems, business banking systems or even through third…

A new electronic funds transfer (EFT) system has been gradually introduced into the domestic market, with all stakeholders in the banking industry collaborating on the wide-ranging impacts that ultimately stand to benefit banking clients. The Bank of Namibia (BoN), in collaboration with the Payments Association of Namibia and in partnership with the banking industry, have been spearheading…

CUSTOMERS from different Namibian banks would no longer have to wait three days for funds to reflect in their accounts after interbank transfers. This comes as the Bank of Namibia (BoN), in its ‘Understanding Nam-Payment’ publication, released in the first quarter of 2021, announced a new local payment system. A transfer from, for example, a…

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…