Watchdog wants input on bank fees

The Namibian Competition Commission (naCC) is seeking input on an exemption application relating to interchange fees by banks, an exemption sought for a period of three years.The Payment Association of Namibia (PAN) has in terms of of the Competition Act applied that the association, as well as Bank Atletico, Bank BIC, Bank of Namibia, FNB Namibia, Letshego Bank Namibia, NamPost, Nedbank Namibia, Standard Bank Namibia and Trustco Bank Namibia be exempted from certain provisions of the act.The exemption application seeks to have the current interchange fee model exempted from the provision of the Competition Act.Interchange fees refer to the charges payable in respect of a transaction whereby a payment is made by a customer of one bank to a customer of another bank.PAN and the participating banks are party to a multilateral agreement in terms of which they have agreed on the interchange fees that will be levied when a customer of one bank makes a payment to a customer of another bank. The exemption application relates to a decision by an association of undertakings (PAN) and agreements between the participating banks concerning the collective determination of interchange fees.The commission has furthermore in line with the act in March published a notice in the Government Gazette inviting the public to, within 30 days, submit to the commission any queries or written representations that they may wish to make concerning the application.The commission will after consideration of the application and any representation submitted, make a determination on whether or not to grant or refuse the exemption.It further states that a non-confidential version of the exemption application is available and may be provided to concerned stakeholders upon request. - Nampa

Watchdog wants input on bank fees

Comments

Namibian Sun 2025-10-01

Please login to leave a comment

Watchdog wants input on bank fees

Comments

Namibian Sun 2025-10-01

Please login to leave a comment

Login