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Nedbank reveals how NamPay will impact its clients

Nedbank reveals how NamPay will impact its clients

The Payment Association of Namibia (PAN) launched a new enhanced electronic transfer system called NamPay at the beginning of the month and Nedbank Namibia this week unpacked how the system will impact their clients.

The first phase of the project, consisting of the implementation of the enhanced debit order service (EnDO), went live on 15 April.

“Once clients have been moved onto the new NamPay system, they will notice that debit orders are no longer collected in a pre-determined prioritized order from their bank accounts. NamPay will assign random sequences to the different debit orders, which means that amounts will be deducted in a different order every month,” explained Richard Meeks, Executive of Retail Banking.

However, Meeks highlighted that migrating clients from the old system to the new system will take place over an eighteen-month period.

“Because the roll-out of the system will happen gradually, some clients might not experience any impact immediately,” he said.

Another major change will be new transaction descriptions for debit orders on clients’ bank statements.

“Clients should take note that the transaction descriptions for debit orders will differ from what appeared on bank statements previously,” he explained

As a result of the new NamPay system and its impact on the clients, Nedbank revised and updated its terms and conditions, which is available on the Nedbank Namibia website.

As part of the EnDO payment stream, credit tracking is a new service offered by PAN to third parties who wish to use debit orders for their customers. For example, service providers sometimes use debit orders to ensure timely payment of services rendered. All service providers or businesses that wish to make use of debit orders must be registered with PAN.

Upon registration, these service providers can choose to activate credit tracking, which means the system will continuously check for funds on a client’s bank account if a debit order could not be deducted due to insufficient funds. During the day continuous checking for funds (credit tracking) will take place until 14h30 (2:30pm) on weekdays and 9h30 (9:30am) on Saturdays. The system allows for the checking of funds on a bank account for up to fourteen days.

Following a decision taken by the Bank of Namibia, PAN in partnership with the banking institutions and suppliers, introduced a new enhanced EFT system to the Namibian financial sector.

Meanwhile, introducing NamPay ensures that Namibia and its national payment system remains on par with international standards.


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.