NamPay

The Payment Association of Namibia, in partnership with all local banks and payment service providers, will introduce a new Enhanced Electronic Funds Transfer solution called NamPay.

What is NamPay?

NamPay is Namibia's new Enhanced Electronic Fund Transfer (EFT) system. This new solution aligns our payment system with international payment systems, placing Namibia among the most technologically advanced countries on the continent.

Implementation of this solution ensures compliance with the Bank of Namibia (BON) directive to provide efficiency within the National Payments System.

How will NamPay affect me?

• You will experience a faster turnaround on payments as EFT and deposit payments are processed faster. 
• Payments made before 14:00 on weekdays and Saturday before 09:00 will show on the recipient's account on the same day.   Payments made after cut-off times and on Sunday will reflect on the next business day.
• Individual customers can make fast payments where payments can show within 30 minutes of the transaction.  This request is done at an additional fee.
• Debit orders are paid only if there are funds available in the debtor (destination) account.

This system comprises three payment streams, namely:

• Enhanced Debit Orders (EnDO),
• Enhanced Credit Payments (EnCR) and
• Near-Real-Time Credit Payment Transfers (NRTC or better known as Fast Pay).

What is Enhanced Debit Orders (EnDO)?

EnDO automates the debit order process, removing any human intervention.

EnDO - What does this means to me as a client?

• All debit order collectors will be registered with NamPay and given a short name by which the industry and their clients will identify them.
• Debit orders will only be honored if there are funds available in the destination account at the time the debit order is processed by the destination bank.
• If a debit order is not honored due to insufficient funds or other account-related reasons the collector (entity submitting the debit order for payment) will automatically be notified of the fate (outcome) of the debit order. However, the debtor account will be penalised according to Bank Windhoek's official banking fees and charges (to view fees and charges click here). Only the unsuccessful debit order fee will appear on your bank statement. – The following appears on a customer statement for a unsuccessful debit order

• Always ensure that there are enough funds available for all your debit orders, and they are deducted before you use your funds for other purposes.
• Statement narratives (transaction descriptions) will be impacted. This means the descriptions will be different from the descriptions that appeared on statements previously.

EnDO- What does it mean for my business as a Creditor?

• It would be best to submit your debit orders two business days prior to the action date to ensure that the debit order is processed by the beneficiary bank early in the morning of the action date as well as during the subsequent intraday tracking sessions at 10h00 and 15h00 if unsuccessful.  
• The process is automated to improve efficiency.  No preferential treatment of transactions will be given.
• A repetitive tracking process is available to improve fund collection over a period of days  as opposed to a single attempt on the specific action date only.
• Credits for successful debit orders will be applied on a same day basis
• Previously known “Unpaids" appearing on your bank statement will be replaced with "Unsuccessful" debit orders that have no financial implications on your statement as your account will only be credited with “successful" debit orders

Credit Transfers

Credit transfers improve the way funds are transferred between banks and has two new streams:

1. Enhanced Credit Payments (EnCR), and
2. Near-Real-Time Credit Payment Transfers (NRTC/ Fast Pay).

What is Enhanced Credit Payments (EnCR)?

• This enhanced service provides single and bulk transfer payments authorized before 14h00 on weekdays and 09h00 on Saturday's for clearing on the same day. 
• EnCR is typically used for daily EFT payments and salary payments and should be submitted and authorized two days prior to action date to ensure that the credit is applied at the destination account at the beginning of the action date.
• Business Clients can use Same Day and Dated Services.
• Bureau bulk credit files will only be released if the debtor (source) account has sufficient funds to cover the full amount of the file on action date for Same Day files and sufficient funds one business day before action date for Dated files.  

What is Near-Real-Time Credit Payment Transfers (NRTC)/ Fast Pay?

• Fast Pay enables payments to reflect in a recipient's bank account within 30 minutes of transferring funds between banks.
• This option can only be used during business hours (weekdays between 08h00-15h30  and Saturdays between 08h00 and 09h00 at an additional fee).

What else should I know?

• When transferring funds, please verify and confirm the recipient account details.  Payments made to a wrong account can only be recovered with the approval of the account owner. If the account owner does not approve, the bank does not have the authority to recover the funds.

What are the costs implications?

When is the due date to finalise the implementation of this system?

The process is underway. All clients will be migrated to the new platform no later than 30 June 2021.
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