Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Namibia’s banking system is modern and closely tied to the South African system.  At least three of the eight licensed local commercial banks are subsidiaries of South African banks.  All local commercial banks handle international transactions and trade financing.  Payments can be made in the following ways:
  • Direct Bank Transfers
  • Credit Cards
  • Checks
  • Debit Cards
  • Cash
There are limits on certain payment instruments within the regional payment system.  Effective June 2010, Electronic Fund Transfer (EFT) credits may not exceed N$5 million and EFT debits may not exceed N$ 500,000.  These limits mainly aim to reduce exposure to risk and fraud.  Use of paper checks has been completely phased out as of June 2019.

Credit grantors use information from a credit bureau (Trans Union ITC) to assist in making a decision whether or not to grant credit. A credit bureau details the credit history of a consumer or business’s repayment performance.

The Bank of Namibia (BoN) oversees and regulates payment systems in Namibia.  The 2003 Payment System Management Act provides details on how the BoN manages the payment system. 

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