{"id":10131,"date":"2022-01-21T16:31:10","date_gmt":"2022-01-21T16:31:10","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/payment-system-hits-n1-trillion-worth-of-transactions"},"modified":"2022-01-21T17:23:24","modified_gmt":"2022-01-21T17:23:24","slug":"payment-system-hits-n1-trillion-worth-of-transactions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/payment-system-hits-n1-trillion-worth-of-transactions","title":{"rendered":"Payment system hits N$1 trillion worth of transactions"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE Namibia Interbank Settlement System (Niss) has recorded transactions worth N$1 trillion during 2021.<\/b><\/p>\n

The share of single transactions settled in the Niss amounted to N$726,4 billion, which translates to 69% of the total value settled. Meanwhile, retail payment transactions cleared through Namclear were N$323,9 billion, representing 31% of the aggregate value settled.<\/p>\n

The Bank of Namibia (BoN) says the milestone shows that the country has a secure, reliable and modern payment system. BoN says the settlement system has been able to deliver real time payments for all Namibian transactions across all banking platforms. The Niss is a Real-Time Gross Settlement System (RTGS) that processes and settles time-critical payments.<\/p>\n

BoN acting communications’ director Kazembire Zemburuka says the 2021 value is as a result of the high volumes of the new domestic EFT system streams (NamPay), the utilisation of the lending facilities, specifically the seven-day repo facility of the bank, the purchase\/resale of government securities; and the inflows of funds to comply with Namfisa’s regulation 28.<\/p>\n

\u201cAlthough the single item large value transactions contributed the most to the milestone settlement value, it is worth noting that the retail transactions also contributed significantly, from a payment stream perspective,\u201d Zemburuka said in a statement yesterday.<\/p>\n

In particular, the EFT stream contributed 94,13% of the total retail payment value settled. Of the total retail payment transaction value, the enhanced credits which are part of NamPay, contributed 52,37% of the total retail payments settled, while the same-day payment stream contributed 36,43%.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE Namibia Interbank Settlement System (Niss) has recorded transactions worth N$1 trillion during 2021. The share of single transactions settled in the Niss amounted to N$726,4 billion, which translates to 69% of the total value settled. Meanwhile, retail payment transactions cleared through Namclear were N$323,9 billion, representing 31% of the aggregate value […]<\/p>\n","protected":false},"author":84,"featured_media":10130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-10131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nPayment system hits N$1 trillion worth of transactions - Namibia<\/title>\n<meta name=\"description\" content=\"THE Namibia Interbank Settlement System (Niss) has recorded transactions worth N$1 trillion during 2021. 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