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First in Africa- Namibia launches National Payment System

March 13, 2014 • Mobile and Telecoms, Top Stories

Namibia’s Namclear, together with vendors Finteq Africa and Traderoot Africa, has launched a new integrated National Payment System in the country, with the solution being a first in Africa.

Windhoek, Namibia (image: Shannon Larratt)

Windhoek, Namibia (image: Shannon Larratt)

“It takes and integrated approach to retail and bulk payments where a modern and interoperable solution has been implemented based on International interoperable ISO standards. The key differentiating factors between this and other national payment systems is that it has single platform which allows for payment streams such as Cheque, EFT, Credit card, Debit card and ATM,” the company said in a statement.

Future phases will include mobile and a centralised mandate management system for EFT Debit payments.

“The solution makes use of a shared services platform which processes all payments and allows a single view of all payment streams for purposes of liquidity management and exposure. It does away with the typical silo based approach that most National Payment Systems apply,” Namclear concluded.

Staff writer

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