FNB Namibia payments manager Albert Matongela. Photo Contributed
FNB Namibia payments manager Albert Matongela. Photo Contributed

CMA cross-border payment changes set for April

STAFF REPORTER
Clients and their beneficiaries can expect longer turnaround times when the local banking sector on 15 April 2024 starts rolling out changes on how payments are made and received between Namibia and the rest of the countries in the Common Monetary Area (CMA), Eswatini, Lesotho and South Africa.

All cross-border electronic fund transfer (EFT) payments processed and received by clients within the CMA, including credit payments and debit collections, will no longer be permitted through the domestic payment methods and channels.

In simpler terms, Namibian account holders will no longer be able to make EFT payments to account holders in other CMA countries. They will also not be allowed to receive EFT payments from other CMA countries unless they are initiated on a global banking channel, the website Daily Investor explains.

This decision is part of CMA regulatory adjustments to enhance the efficiency and security of cross-border financial transactions, the website states.



Regulatory requirements

FNB Namibia payments manager Albert Matongela stressed that the payment changes are necessary because of the need to comply with regulatory requirements, while also to being in line with modernisation expectations at national and regional levels.

“Clients and their beneficiaries can expect longer payment turnaround times as the beneficiary will also be required to provide Balance of Payments (BOP) information to their bank before the release of the funds into their account and will be required to provide additional disclosures concerning the reason for the payment and the payment beneficiary to enable the fulfilment of BOP regulatory reporting requirements,” Matongela said.

“Despite relatively longer turnaround times, payments will be made and received in a way that meet regulatory expectation. Additionally, clients and beneficiaries will be able to self-service, via their preferred channel, to release incoming payments,” he added.

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Namibian Sun 2024-07-17

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 472.15/OZ UP +0.15% | Copper US$ 4.43/lb DOWN -0.007 | Zinc US$ 2 886.80/T DOWN -0.55% | Brent Crude Oil US$ 84.50/BBP UP +0.38% | Platinum US$ 1 018.09/OZ UP +1.54% Sport results: Currie Cup: NovaVit Griffons 10 vs 52 Vodacom Bulls Rugby World Cup U20: New Zealand U20 31 vs 55 France U20 | Australia U20 36 vs 29 Wales U20 | England U20 31 vs 20 Ireland U20 | Georgia U20 40 vs 36 Fiji U20 | Argentina U20 34 vs 24 South Africa U20 | Italy U20 28 vs 15 Spain U20 Weather: Katima Mulilo: 12° | 32° Rundu: 12° | 33° Eenhana: 11° | 33° Oshakati: 11° | 31° Ruacana: 14° | 31° Tsumeb: 15° | 29° Otjiwarongo: 9° | 28° Omaruru: 9° | 27° Windhoek: 8° | 23° Gobabis: 10° | 28° Henties Bay: 11° | 17° Wind speed: 18km/h, Wind direction: S, Low tide: 06:18, High tide: 12:50, Low Tide: 18:28, High tide: 00:54 Swakopmund: 13° | 15° Wind speed: 23km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:48, Low Tide: 18:26, High tide: 00:52 Walvis Bay: 11° | 20° Wind speed: 28km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:47, Low Tide: 18:26, High tide: 00:51 Rehoboth: 9° | 25° Mariental: 9° | 26° Keetmanshoop: 9° | 23° Aranos: 9° | 27° Lüderitz: 10° | 18° Ariamsvlei: 9° | 21° Oranjemund: 10° | 18° Luanda: 20° | 22° Gaborone: 11° | 28° Lubumbashi: 12° | 29° Mbabane: 12° | 28° Maseru: 5° | 21° Antananarivo: 8° | 24° Lilongwe: 15° | 27° Maputo: 16° | 32° Windhoek: 8° | 23° Cape Town: 11° | 14° Durban: 14° | 27° Johannesburg: 12° | 22° Dar es Salaam: 21° | 29° Lusaka: 15° | 28° Harare: 13° | 27° Economic Indicators: Currency: GBP to NAD 23.64 | EUR to NAD 19.87 | CNY to NAD 2.5 | USD to NAD 18.18 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.33 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.89 | USD to AOA 872.64 | USD to BWP 13.49 | USD to EGP 48.17 | USD to KES 129.98 | USD to NGN 1555 | USD to ZAR 18.18 | USD to ZMW 26.05 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.48 Down -2.4% | Casablanca Stock Exchange (CSE) MASI 13456.34 Up +0.17% | Egyptian Exchange (EGX) 30 Index 27828.92 Down -0.44% | Botswana Stock Exchange (BSE) DCI 9380.4 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 472.15/OZ UP +0.15% | Copper US$ 4.43/lb DOWN -0.007 | Zinc US$ 2 886.80/T DOWN -0.55% | Brent Crude Oil US$ 84.50/BBP UP +0.38% | Platinum US$ 1 018.09/OZ UP +1.54%