Our financial market infrastructure consists of the various systems, networks, and technological processes that are necessary for conducting and completing financial transactions. The national payment system comprises of modern infrastructure to transfer money between customers, suppliers, merchants, banking institutions and countries, including the use of payment instruments, such as card, cheque and EFT payments.
The Namibian payment industry has adopted the international standards of EMV and PCI DSS to safeguard card transactions against fraud. Further, the EMV standards involve technological changes to card, ATM and POS devices. The implementation of both these standards requires infrastructure changes to banking institutions’ current ATM and POS networks. The PCI DSS process commenced and will progressively be phased in over the next two years until 2015. The compliance deadline for the implementation of EMV standards was due by 31 December 2012 for ATM and POS devices, while debit and credit cards should be compliant by 2015. In this regard, banking institutions are not all on the same level of implementation, but the industry remain committed to ensure the safety and security within the NPS.
In line with its constitution, the PAN Stakeholder Forum (PSF) was launched on 18 January 2013 as a non-bank forum. There has been an on-going need to consult and act in collaboration with the various stakeholders in the NPS. The PSF will focus mainly on payment system related issues, most importantly, those issues that may have a risk-related impact on the NPS and its various participants. Furthermore, the PSF will act in the interest of the NPS as a whole and not in the interest of individuals or individual participant groups. A representative of the PAN Stakeholder Forum in terms of the PAN Constitution will serve as a non-voting member on the PAN Management Council.