{"id":1614,"date":"2024-10-04T08:51:45","date_gmt":"2024-10-04T08:51:45","guid":{"rendered":"https:\/\/itlawco.com\/?page_id=1614"},"modified":"2024-10-04T09:03:01","modified_gmt":"2024-10-04T09:03:01","slug":"determination-on-issuing-of-electronic-money-in-namibia-psd-3","status":"publish","type":"page","link":"https:\/\/itlawco.com\/fr\/determination-on-issuing-of-electronic-money-in-namibia-psd-3\/","title":{"rendered":"Determination on issuing of electronic money in Namibia (PSD-3)"},"content":{"rendered":"<div id=\"fws_6a5fd1cc1176f\"  data-column-margin=\"default\" data-midnight=\"dark\"  class=\"wpb_row vc_row-fluid vc_row\"  style=\"padding-top: 0px; padding-bottom: 0px; \"><div class=\"row-bg-wrap\" data-bg-animation=\"none\" data-bg-animation-delay=\"\" data-bg-overlay=\"false\"><div class=\"inner-wrap row-bg-layer\" ><div class=\"row-bg viewport-desktop\"  style=\"\"><\/div><\/div><\/div><div class=\"row_col_wrap_12 col span_12 dark left\">\n\t<div style=\"margin-top: 30px; \" class=\"vc_col-sm-12 wpb_column column_container vc_column_container col no-extra-padding inherit_tablet inherit_phone\"  data-padding-pos=\"all\" data-has-bg-color=\"false\" data-bg-color=\"\" data-bg-opacity=\"1\" data-animation=\"\" data-delay=\"0\" >\n\t\t<div class=\"vc_column-inner\" >\n\t\t\t<div class=\"wpb_wrapper\">\n\t\t\t\t\n<div class=\"wpb_text_column wpb_content_element\" >\n\t<p data-sourcepos=\"5:1-5:245\">Namibia\u2019s new e-money rules (PSD-3) are here. The <a href=\"https:\/\/www.bon.com.na\/\">Bank of Namibia (BoN)<\/a> has issued a new determination on issuing electronic money in Namibia (PSD-3), effective 27 March 2025. This regulation aims to enhance the safety, efficiency, and financial inclusion of e-money services in the country.<\/p>\n<h2 data-sourcepos=\"7:1-7:16\">Who is affected?<\/h2>\n<p data-sourcepos=\"7:1-7:16\">PSD-3 affects all entities involved in issuing e-money in Namibia, including:<\/p>\n<ul data-sourcepos=\"11:1-15:0\">\n<li data-sourcepos=\"11:1-11:28\">Existing e-money issuers<\/li>\n<li data-sourcepos=\"12:1-12:9\">Banks<\/li>\n<li data-sourcepos=\"13:1-13:35\">Non-bank financial institutions<\/li>\n<li data-sourcepos=\"14:1-15:0\">Payment service providers<\/li>\n<\/ul>\n<h2 data-sourcepos=\"16:1-16:28\">Key changes and requirements<\/h2>\n<ul data-sourcepos=\"18:1-24:0\">\n<li data-sourcepos=\"18:1-18:208\"><strong>Licensing and authorisation<\/strong>: all e-money issuers must be licensed or authorised by the BoN. Different categories of issuers (banks, non-banks, micro e-money issuers) are subject to different requirements.<\/li>\n<li data-sourcepos=\"19:1-19:121\"><strong>E-money features<\/strong>: e-money must be denominated in Namibia dollar, redeemable at par value, and processed in real-time.<\/li>\n<li data-sourcepos=\"20:1-20:261\"><strong>Permitted services<\/strong>: a wide range of services is allowed, including domestic and cross-border transfers, bill payments, and more. Non-micro e-money issuers can also offer access to savings, investment, credit, and insurance products, subject to BoN approval.<\/li>\n<li data-sourcepos=\"21:1-21:158\"><strong>Safeguarding user funds<\/strong>: e-money issuers must maintain a trust account to hold user funds, which must be protected and used solely for e-money operations.<\/li>\n<li data-sourcepos=\"22:1-22:175\"><strong>User protection<\/strong>: the regulation emphasises user protection and transparency, requiring clear fee disclosure, dispute resolution mechanisms, and public education campaigns.<\/li>\n<li data-sourcepos=\"23:1-24:0\"><strong>Reporting<\/strong>: e-money issuers must submit regular reports to the BoN on various aspects, including dormant accounts and trust account balances.<\/li>\n<\/ul>\n<h2 data-sourcepos=\"25:1-25:30\">How should businesses respond?<\/h2>\n<ul data-sourcepos=\"27:1-32:0\">\n<li data-sourcepos=\"27:1-27:86\">Familiarise yourself with PSD-3 and assess your current operations for compliance.<\/li>\n<li data-sourcepos=\"28:1-28:65\">Obtain the necessary licences or authorisations from the BoN.<\/li>\n<li data-sourcepos=\"29:1-29:77\">Implement required changes to your systems, processes, and documentation.<\/li>\n<li data-sourcepos=\"30:1-30:48\">Prioritise user protection and transparency.<\/li>\n<li data-sourcepos=\"31:1-32:0\">Stay informed about any updates or further guidance from the BoN.<\/li>\n<\/ul>\n<h2 data-sourcepos=\"37:1-37:24\">How ITLawCo can help<\/h2>\n<p data-sourcepos=\"39:1-39:115\">ITLawCo\u2019s team of legal and regulatory experts can help your business navigate the complexities of PSD-3. We offer:<\/p>\n<ul>\n<li><strong>Guidance on licensing and authorisation:<\/strong> We can help you understand the licensing requirements and application process, ensuring you meet all the necessary criteria.<\/li>\n<li><strong>Compliance assessments:<\/strong> We can review your existing e-money operations and identify any areas that need to be adjusted to comply with PSD-3.<\/li>\n<li><strong>Policy and procedure development:<\/strong> We can assist in developing or updating your policies and procedures to align with the new regulatory requirements.<\/li>\n<li><strong>Training and workshops:<\/strong> We offer training and workshops to help your team understand PSD-3 and its implications for your business.<\/li>\n<li><strong>Ongoing monitoring and support:<\/strong> We can provide ongoing monitoring and support to ensure you remain compliant with PSD-3 as it evolves.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/itlawco.com\/fr\/contact-us\/\">Contact us today<\/a> to learn more about how we can help your business successfully navigate the changing e-money landscape in Namibia.<\/p>\n<\/div>\n\n\n\n\n\t<div class=\"wpb_raw_code wpb_raw_html wpb_content_element\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<div class=\"_df_book df-lite\" id=\"df_1618\"  _slug=\"namibias-new-e-money-rules-psd-3\" data-title=\"namibias-new-e-money-rules-psd-3\" wpoptions=\"true\" thumb=\"https:\/\/itlawco.com\/wp-content\/uploads\/2024\/10\/Namibias-new-e-money-rules-PSD-3.jpg\" thumbtype=\"\" ><\/div><script class=\"df-shortcode-script\" nowprocket type=\"application\/javascript\">window.option_df_1618 = {\"outline\":[],\"autoEnableOutline\":\"false\",\"autoEnableThumbnail\":\"false\",\"overwritePDFOutline\":\"false\",\"direction\":\"1\",\"pageSize\":\"0\",\"source\":\"https:\\\/\\\/itlawco.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/na-government-gazette-dated-2024-09-27-no-8457.pdf\",\"wpOptions\":\"true\"}; if(window.DFLIP && window.DFLIP.parseBooks){window.DFLIP.parseBooks();}<\/script>\n\t\t<\/div>\n\t<\/div>\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>","protected":false},"excerpt":{"rendered":"Namibia\u2019s new e-money rules (PSD-3) are here. The Bank of Namibia (BoN) has issued a new determination on issuing electronic money in Namibia (PSD-3), effective 27 March 2025. This regulation...","protected":false},"author":1,"featured_media":1615,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-1614","page","type-page","status-publish","has-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Determination on issuing of electronic money in Namibia (PSD-3) - ITLawCo<\/title>\n<meta name=\"description\" content=\"Determination on issuing of electronic money. 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