he development will enable NamPost clients to do SWIFT transactions, Electronic Funds Transfer, card services and access to Point of Sale (POS) devices, as well as the ability to make payments and run collections through the clearing house.
As the sponsoring bank, Standard Bank will be required to settle transactions between institutions.
The agreement ensures that all payments and transfers for customers will be settled between banks at the central clearing system in Namibia through Standard Bank’s membership to the National Payment System.
Standard Bank’s Head of Personal and Business Banking, Mercia Geises, highlighted that the bank’s world class platform, which was fundamental to the partnership, facilitated transactions in excess of N$30 billion per month, with transaction volumes averaging 355,000.
Standard Bank was selected as the preferred sponsors bank to NamPost after a procurement process which kicked off in 2016.
NamPost CEO, Festus Hangula, said the agreement was one critical step in NamPost’s journey towards insuring financial inclusion for all Namibians and ensuring what he termed ‘transactability for all.’