24
Jun
Staff Writer The rollout of Namibia’s Instant Payment Solution (IPS) is expected to reduce the cost of transferring money between banks, addressing a longstanding pricing gap that has encouraged customers to keep transactions within their own banking institutions, according to financial services company Cirrus. The platform, spearheaded by the Bank of Namibia, has recently completed pilot programmes involving Letshego, NamPost and Bank Windhoek. IPS is designed to enable real-time account-to-account payments that settle within seconds, replacing processes that can currently take days. According to an analysis by Fimanekeni Mbodo, electronic funds transfer (EFT) data highlights the potential impact the new…
