Parliament of Namibia - Payment System Management Act, 2003


The Parliament of Namibia's Payment System Management Act aims to promote financial stability sustained economic development of the country through the safe, secure, efficient and cost- effective operation of the national payment system. The Bank of Namibia (BoN) is tasked to oversee, inspect and monitor the national payment system, the operation of the Body, system participants and service providers. In addition, the BoN is to establish and operate a settlement system, and to authorize persons to participate in the clearing and settlement systems and to withdraw such authorization. The act is divided into several parts, and sets forth provisions on the following topics:

1. Powers and Functions of Bank
2. Payment System Management Body
3. Settlement Provisions
4. Payment Provisions
5. Clearing Provisions
6. Payment Intermediation
7. Netting Agreements and Netting Rules
8. Utilization of Asset Provided as Security
9. Information
10. Confidentiality
11. Indemnity
12. Directives by Bank
13. Determinations
14. Settlement of Disputes


Document Details

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Tuesday, December 23, 2003
Document Authors: 
Parliament of Namibia
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