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Bank of Namibia

National Payment System and Exchange Control

Summary

Find out more about National Payment System and Exchange Control.

National Payment System, Exchange Control & Virtual Asset Supervision

The multi-disciplinary nature of payment systems requires a pro-active and a collaborative approach that involves and consults with all interest groups, both internally and externally. This approach promotes co-operation and the building of consensus.

The National Payment System and Exchange Control Department supports the mission of the Bank of Namibia by ensuring efficient and effective payment and settlement systems. As such, the Department focuses on oversight of the National Payment System (NPS); payment system policy development; research of global payment trends and clearing and settlement developments; authorising and/or licensing access and participation in the NPS; managing daily settlements, as part of the Namibia Interbank Settlement System’s (NISS) operations; and active participation in domestic, regional and continental payment projects.

The specific responsibilities of the Department are to:
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Direct and facilitate the evolvement of payment systems in Namibia so as to provide for the needs of the economy and the public.

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Provide a secure, robust and efficient settlement mechanism to facilitate interbank fund transfers.

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Address risks that could jeopardise the safety of the National Payment System.

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Reduce and contain the systemic risks inherent in the National Payment System.

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Provide system participants with cost-effective and credible services, in line with international best practices.

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Encourage and oversee the re-engineering of payment system services to contribute towards the achievement of Namibia’s Vision 2030.

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Promote fair market conduct by all payment instrument issuers by determining standards for user fees and charges for service delivery.

 

The primary objective of the Exchange Control division is to administer Exchange Controls in Namibia.

The main responsibilities of the Division are to:
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To Supervise and Regulate Authorised Dealers in Foreign Exchange.

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To ensure the timely repatriation into the Namibian banking system of all foreign currency acquired by residents of Namibia, whether through transactions of current or of capital nature.

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To enforce compliance over the movement into and out of Namibia of foreign currency while at the same time avoiding excessive interference with the efficient operation of the commercial, industrial and financial systems of the country.

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To support foreign reserves management policy of the Bank.

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To curb illegal dealings in foreign currency.


 Departmental Management
Mr Peter Nghinyotwa

Deputy Director: Settlement System Operations

Ms. Penelao Kapenda

Deputy Director: Exchange Control

 Contacts

For general National Payment System, Exchange Control & Virtual Asset Supervision Department enquiries, contact the Director’s Office at:

     Tel: +264 61 283 5352 / 5126
     Fax: +264 61 283 5931
Ms Barbara Dreyer - Director: National Payment System - Bank of Namibia
Ms Barbara Dreyer

Director: National Payment System, Exchange Control & Virtual Asset Supervision


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