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    Notes 240414 073841

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    salommatheus50

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    © All Rights Reserved
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    Notes 240414 073841

    Uploaded by

    salommatheus50
    13 views2 pages

    Original Title

    Notes_240414_073841

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views2 pages

    Notes 240414 073841

    Uploaded by

    salommatheus50

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    REGULATORY CHANGES FOR

    PAYMENT BETWEEN NAMIBIA,


    ESWATINI, LESOTHO & SOUTH AFRICA.

    What is a BoP (Balance


    What is changing? of Payments) code?
    • When making cross-border transactions, it must
    • All cross-border payments between
    be reported to the the Bank of Namibia (BoN)
    Namibia, South Africa, Lesotho and eSwatini
    This reporting is done through the Balance of
    would need to be initiated as a foreign
    Payments (BoP) system
    exchange transaction (global payment) using
    either FNB App and FNB Online Banking/ • To complete the transaction, simply select the
    Enterprise reason for the transaction using a BoP code,
    • When making payments to an individual or a which can be found on the FNB Namibia Banking
    business, you will need additional App or FNB Namibia Online Banking Enterprise.
    information from the recipient to complete
    a payment • One transaction can have multiple reasons

    y account number • If you are not sure which BoP code you will need
    y name or if additional information is required, please
    contact your Relationship Manager or Private
    y physical address
    Banker or contact the CMA Forex desk at
    y bank name CMArandpayments@fnbnamibia.com.na
    y bank branch number
    Reason for the payment (BoP code)
    Beneficiary bank SWIFT code

    • When making a payment to a public recipient


    you will need to obtain the cross- border
    recipient’s banking details

    FNB Namibia App or FNB Online Banking


    Enterprise.

    • If you are receiving funds from a Common


    Monetary Area (CMA) country, you will receive
    an email notification advising you of the incoming
    international funds and will be advised to view
    and/or process this via the Forex tab

    is a division of First National Bank of Namibia Ltd, Reg. No. 2022/0180. A subsidiary of FirstRand Namibia Limited.
    How to make a global payment

    • Log in to the FNB Namibia App


    or FNB Online Banking Enterprise.

    • Select the ‘Forex’ tab

    • Select ‘Global payment’

    • Select ‘Create +Maintain’

    • Click on the ‘+Add’ and then click on


    ‘Once-Off Payment’ and complete the
    information required

    Fees for CMA transactions

    Applicable to digital banking channels only.

    Value band FNB to FNB / FNB to Another Bank

    N$0 to N$100,000 N$30.00

    N$101,000 to N$500,000 0.03% of transaction value

    N$501,000 and above N$150.00

    Cut-off times for CMA transactions

    need to follow the steps above to receive the money into their account.

    Day Cut-off time

    Monday to Friday 2:30pm

    Weekends and holidays No processing

    For more information, call the Forex Desk on +264 61 299 8668

    is a division of First National Bank of Namibia Ltd, Reg. No. 2022/0180. A subsidiary of FirstRand Namibia Limited.

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