Payments cleared onshore
All interbank payments are now processed and cleared within Namibia since the launch of the Namibian Clearing and Settlement System earlier this month. Chairman of the Namclear Board, Mr. Adolph Denk, launched the system under the auspices of Namclear.
“The advantages of the NCSS are immense to the banking sector as it aids with the flawless processing, payment and clearing of cheques, electronic funds transfers and the whole scope of transactions being processed,” said Mpumzi Pupuma, Chief Executive of Standard Bank Namibia and Chairman of the Bankers Association of Namibia. Namclear is the payment clearing house and authorized payment system operator of the National Payment System (NPS) in Namibia. The clearing and settlement process is an interbank process and the rules are dictated by local banking laws and regulations whose operational efficiency is determined by the policies and systems of the utilities that operate the networks and clearing house through which payments are cleared and settled.
In 2012 the Bank of Namibia published the NPS Vision and Blueprint. The strategic direction stemming from these documents gave impetus to the strategic objectives of Namclear. “It is a known fact that over the years the banking sector has undergone significant changes as we embraced the localization of core banking systems,” said Pupuma.