PAN to regulate payment service providers
The Payment Association of Namibia (PAN), a payment system management body which is recognised and licensed by the Bank of Namibia, was officially launched on 6 March.
Established in 2005, PAN is a self-regulatory non profit association which is made up of banking institutions and non-bank payment service providers.
The association was established in order to organise and set national technical standards in the payments system.
The chief operating officer of PAN, Kennedy Kandume, said that: “Our mandate as stipulated is to regulate the participation of our members in the national payment system and to authorise and regulate the participation of service providers in the national payment system.”
Paul Hartmann, chairperson of PAN, said that the association is the result of collaborative efforts by the Bank of Namibia and the banking institutions.
Hartmann said PAN was initially designed to work as an umbrella body with responsibilities of establishing national standards for the payment systems and instruments and to ensure that participants comply with best international practises.
Hartmann continued to say that although the overall responsibilities of the oversight of the payment system should lie with the Bank of Namibia, the interbank payment should be managed by an association made up of participants in the national payment system.
Also speaking at the launch, the assistant governor of the bank of Namibia, Michael Mukete said that as financial systems have become increasingly complex, stricter control, oversight and coordination of payment systems are required and that Namibia is no exception in this regard.
“Any providers of payment services that are not authorised by PAN are operating illegally and we therefore call on payment service providers to enquire at PAN offices,” he concluded.