CMA deadline extended to 30 September

Martin Endjala

The restriction of payments between countries of Common Monetary Areas (CMA) that was scheduled to be enforced on 14 April has been extended to 30 September.

The Bank of Namibia(BoN) spokesperson, Oskar Josefina confirmed this today.

She said a detailed statement will be issued later in the week.

Standard Bank Namibia has issued a formal communication to its client confirming the extension of the effective date of the PSD-9.

“The extension aligns with the regulatory deadline from other CMA countries and affords the industry sufficient time to ensure compliance with PSD-9,” the Standard Bank statement reads.

The bank said clients can continue using the existing channels of Electronic Fund Transfer (EFT) to process CMA transactions.

The bank further explained that clients who have opened accounts in neighbouring countries to process transactions domestically are encouraged to continue using these accounts.

To ensure all stakeholders are ready, the bank has encouraged clients to continue prioritising file development where required and that localisation in countries must continue.

The First National Bank of Namibia spokesperson, Hileni Amadhila also confirmed the CMA deadline extension from the BoN.

Once the CMA restriction comes into effect, all cross-border EFT payments processed and received by clients will no longer be considered domestic payment methods.

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