Guest Contributor | Feb 22, 2024 | 0
All customers urged to migrate to the NamPay platform – PAN
The Payment Association of Namibia (PAN) has pledged to keep its stakeholders up to date on the latest developments within the Namibian payments industry.
Chief Executive Officer of PAN, Annette Rathenam said in compliance with the Bank of Namibia’s (BON) Determination on the Efficiency of the National Payment System (PSD-7), Namibia’s payment industry, which includes the local banking institution has been steadily implementing a brand-new, world-class electronic funds Transfer (EFT) system called NamPay.
“NamPay is there to serve as a replacement for the current EFT system and it introduces greater efficiency and safety in the NPS, by ensuring that EFT payments are processed fast, securely and at a reasonable cost to all NPS stakeholders,” she added.
She said the NamPay system has been running in parallel with the current national EFT system for the past 18 months, over which period local banking institutions have been progressively migrating their clients, as EFT users, from the current EFT system onto the NamPay system.
“We urge all customers to migrate to the NamPay platform, which has been in progress over the past few months and we are doing our best to resolve any issues as soon as they occur,” she stated.
She encouraged the public to continue engaging their respective banking institutions for information specifically in terms of migrating to the new NamPay system and how they will be impacted.
PAN is Namibia’s payment system management body established in 2005 by an Act of Parliament to set, manage and develop standards governing payments clearing and settlement within Namibia. PAN is the country’s primary vehicle for payments industry collaboration, with a mandate to improve the safety, reliability, equity and efficiency of the national payment system (NPS).