1 May 2008
Windhoek — The Bank of Namibia has informed all Namibian registered companies engaged in the business of issuing and acquiring card transactions of the recently established Namibian Card Switching System, referred to as Namswitch.
The bank said changes to all Namibian domestic inter-bank card transactions being conducted at Automated Teller Machines (ATM) were effected as from 21 April.
"However, for Namibian domestic inter-bank card transactions at Point-of-Sale terminals (POS), this Directive will be effective as from 31 October 2008. In addition, the Directive further stipulates that all international card transactions shall be switched through card associations like VISA and MasterCard after 31 October 2008," the bank said.
The bank said Namibian companies have to effect and implement the necessary system changes that will allow for all domestic inter-bank card transactions to be channelled through Namswitch for clearing and settlement.
"Furthermore, affected companies, like banks, have to incorporate changes on current and future cards so that they can be identified as Namibian issued cards. Companies need to cease the practice of cross-border acquiring of Namibian inter-bank domestic card transactions. Domestic inter-bank card transactions exclude Petrol, Garage and Private Label card transactions," the bank said.
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