Guest Contributor | Jun 1, 2021 | 0
Namibians cautioned against offshore payments to foreign lotteries
The Bankers Association of Namibia (BAN) this week said it has taken note of the Bank of Namibia’s concern regarding foreign lotteries advertising in Namibia and therefore would like to inform the clients of all the banks of the relevant Exchange Control Ruling.
Earlier the Bank of Namibia notified the commercial banks stating “It has come to our attention that Giant Lotto’s (a foreign lottery) is advertising in Namibia. Your attention is drawn to Exchange Control Ruling B21 (F).”
According to this ruling residents may not participate in lotteries organized abroad. Accordingly, Authorised Dealers must decline requests to purchase foreign exchange for such purposes in all instances.
Furthermore, the Bank of Namibia pointed out that local residents may not use their credit and/or debit cards in Namibia to facilitate payments for online gambling or for lotteries that operate locally but demand offshore payments.
“In addition all issuers of American Express, Diners Club, Mastercard and Visa cards may not accept such debits against residents cardholder’s accounts in respect of the payment for foreign lottery tickets or gambling activities.”
The Bank of Namibia further advised Authorised Dealers to ensure strict compliance with this ruling.