WINDHOEK, Jan. 20 — Namibia’s Interbank Settlement System (NISS) has for the first time, recorded a settlement value of 1 trillion Namibian dollars during the year 2021 due to high volumes, the central bank announced Thursday.
The NISS is a Real-Time Gross Settlement System (RTGS) that processes and settles time-critical payments.
“Interbank transactions settled in the NISS constitute retail payments such as electronic funds transfer and payment card transactions cleared through Namclear and single-item large-value transactions processed by the participants in NISS,” Kazembire Zemburuka, Bank of Namibia (BoN) acting director of strategic communications, said in a statement.
According to Zemburuka, this milestone was achieved by a resilient National Payment System (NPS), which will continue to uphold and ensure financial system modernization and efficiency, as guaranteed by the BoN’s recently launched Strategic Plan 2022-2024 and the NPS Vision and Strategy 2021- 2025.
“The role of a fully functional and modern payment system in the economy cannot be understated. It propels the meaningful participation of all agents in the economy at large. It remains the BoN’s preoccupation to foster a modern, safe and secure national payment system that delivers efficient and effective payment services,” he concluded.
The milestone is a record since the inception of the NISS in 2002 by the Bank of Namibia. (Xinhua)
Namibian central bank’s settlement value hit 1 trillion dollars
