Electronic Fund Transfers and EFT transactions between Namibia, South Africa, Lesotho, and Eswatini will no longer be possible from the end of September.

The regulations aim to ensure that all domestic EFT transactions are processed within Namibia, while cross-border transactions between other CMA countries, particularly South Africa, are treated as international transactions.

The changes will replace the current practice of processing Namibian EFTs through South African banks, enhancing the integrity of Namibia's financial system.

Key changes include the treatment of cross-border EFT transactions within the CMA, which will now be conducted through the SWIFT network.

Debit order deductions to and from South Africa will no longer be possible, and customers are advised to arrange alternative payment methods.

The Bank of Namibia urges all stakeholders to prepare for these changes and engage with their banking institutions for further information.

The transition is done to secure a transparent payment system, with plans for a permanent regional payment infrastructure underway.