NISS records settlement value of N$1 trillion

PHILLEPUS UUSIKUDue to high volumes of the new domestic electronic funds transfer (EFT) system streams, utilisation of the lending facilities, the purchase and resell of government securities and inflows of funds, the central bank’s Namibia Interbank Settlement System (NISS) recorded a settlement value of N$1 trillion during 2021.Since its inception in 2002, this is the highest settlement values recorded to date, the Bank of Namibia (BoN) said in a statement.The above-mentioned clearing and settlement operations occur under the auspices of the National Payment System (NPS), which advocates for reforms in the payments ecosystem to ensure alignment to best practices.The designation of the NISS as a systematically important Financial Market Infrastructure (FMI) in line with the requirements of the Principles for Financial Market Infrastructures (PFMI) is another critical development that continues to contribute to the safety, security, efficiency, and cost-effective operations of the NPS.In 2021, the aggregate settlement value recorded in the NISS stood at N$1.050 trillion. In this regard, the share of single transactions settled in the NISS amounted to N$726.4 billion, which translates to 69% of the total value settled. While the retail payment transactions cleared through Namclear were N$323.9 billion, representing 31% of the aggregate value settled, BoN pointed out.Although 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. In particular, the EFT stream composed 94.13% of the total retail payment value settled. Of the total retail payment transaction value, the Enhanced Credits which is part of NAMPAY contributed 52.37% of the total retail payments settled, while the Same-day payment stream contributed 36.43%. This reflects the industry’s efforts towards the decommissioning of the old EFT streams in line with the regulatory requirements to promote efficiency in the processing of payments in the NPS. Equally important to note, the share of payment card stream in relation to the total retail payments was 5.87%, the central said. The hallmark milestone celebrates Namibia’s secure, reliable, and modern payment system.-phillep@nmh.com.na

NISS records settlement value of N$1 trillion

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NISS records settlement value of N$1 trillion

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