This Act was repealed on 2023-08-08 by Payment System Management Act, 2023.
This is the version of this Act as it was when it was repealed.
Related documents
- Is repealed by Payment System Management Act, 2023
- Is amended by Payment System Management Amendment Act, 2010
- Is commenced by Date of commencement: Payment System Management Act, 2003
Payment System Management Act, 2003
Act 18 of 2003
- Published in Government Gazette 3115 on 23 December 2003
- Assented to on 21 December 2003
- Commenced on 15 May 2004 by Date of commencement: Payment System Management Act, 2003
- [This is the version of this document from 6 May 2010 and includes any amendments published up to 8 March 2024.]
- [Amended by Payment System Management Amendment Act, 2010 (Act 6 of 2010) on 6 May 2010]
- [Repealed by Payment System Management Act, 2023 (Act 14 of 2023) on 8 August 2023]
1. Definitions
In this Act, unless the context otherwise indicates -“Bank” means the Bank of Namibia as referred to in section 2 of the Bank of Namibia Act;“Bank of Namibia Act” means the Bank of Namibia Act, 1997 (Act No. 15 of 1997);“banking institution”, as defined in section 1 of the Banking Institutions Act, means a public company authorized under that Act to conduct banking business, or deemed to be so authorized;“Banking Institutions Act” means the Banking Institutions Act, 1998 (Act No. 2 of 1998);“Board” means the Board of the Bank referred to in section 4 of the Bank of Namibia Act;“Body” means the Payment System Management Body established in terms of section 3;“business day” means any day other than a Saturday, Sunday or public holiday;“clear” or “clearing” means the exchange of payment instructions between system participants with a view to reconciling and confirming payment instructions;“clearing system” means a system whereby system participants can exchange data, documents and payment instruments and instructions relating to funds or securities transfers to other system participants;“Companies Act” means the Companies Act, 1973 (Act No. 61 of 1973);[The Companies Act 61 of 1973 has been replaced by the Companies Act 28 of 2004.]“cost-effectiveness” means the pricing of payment system service or other connected service in a manner that accurately reflects the cost of producing such service;[definition of “cost-effectiveness” inserted by Act 6 of 2010]“fees or charges” means costs payable by a user of payment system service or other connected service;[definition of “fees or charges” inserted by Act 6 of 2010]“holding company” means a holding company contemplated in section 1(4) of the Companies Act;“Insolvency Act” means the Insolvency Act, 1946 (Act No. 24 of 1946);[This definition should refer to the “Insolvency Act, 1936 (Act No. 24 of 1936)”.]“money” means notes and coins issued in terms of section 20 of the Bank of Namibia Act and any other currency being legal tender in Namibia;“national payment system” means the payment system as a whole, and includes any payment system, settlement system, clearing system and payment system arrangement used in the process of effecting payment between payers and beneficiaries;“netting” means the determination of the net payment obligations between two or more system participants within a payment clearing house or the determination of the net settlement obligations between two or more system participants within the payment system;“payment clearing house” means an arrangement between two or more system participants governing the clearing of payment instructions between those system participants;“payment instruction” means an instruction by a payer to transfer funds;“payment instrument” means an instrument or a process enabling a payer to issue a payment instruction;“payment obligation” means an indebtedness that is owed by one system participant to another system participant as a result of the clearing of one or more payment instructions in a payment system;“payment system” means a system that enables payments to be effected between a payer and a beneficiary;“payment system arrangement” means procedures and services for the processing of payment transactions;“payment system services” means all services relating to payment systems, settlement system, clearing systems and payment system arrangements;“service provider” means a person registered as contemplated in section 3(6)(a) as service provider;“settlement” means payment or discharge of outstanding obligation that a system participant owes to another system participant;“settlement instruction” means an instruction given to the settlement system by or on behalf of a system participant to effect settlement of a payment obligation or to discharge any other obligation of one system participant to another system participant;“settlement obligation” means an indebtedness that is owed by a system participant to another system participant as a result of a settlement instruction;“settlement system” means a system established and operated by the Bank to facilitate the transfer of funds for the discharge of payment and settlement obligations between system participants;“subsidiary” means a subsidiary company as defined in section 1(3) of the Companies Act, and includes a subsidiary company of a subsidiary;“system participant” means a person authorised by the Bank under section 2(2)(b) to participate in the clearing and settlement systems; and“this Act” includes the determinations made under section 14.[The full stop at the end of this definition should have been changed to a semicolon when another definition was inserted below it by Act 6 of 2010.]“user” means a system participant or a service provider, and includes a customer or client of the system participant or service provider;[The definition of “user” is inserted by Act 6 of 2010. The semicolon at the end of this definition should be a full stop.]2. Powers and functions of Bank
3. Payment System Management Body
4. Settlement provisions
5. Payment provisions
6. Clearing provisions
7. Payment intermediation
8. Netting agreements and netting rules
Despite anything to the contrary in the Insolvency Act or the Banking Institutions Act, if a system participant is wound up or placed under judicial management, or a curator is appointed to a system participant, any provision contained in a written netting agreement to which the system participant is a party, or any netting rule or practice applicable to the system participant, is binding upon the liquidator, judicial manager or curator, in respect of -9. Utilisation of assets provided as security
Despite anything to the contrary in the Insolvency Act, any asset of a system participant which the system participant, prior to the issue of its winding-up order, has provided -10. Information
11. Confidentiality
12. Indemnity
The Governor, Deputy Governor, a member of the Board or an employee of the Bank or the Body is not personally liable for any loss or damage arising out of any act done or omitted to be done in good faith under this Act, unless such damage or loss is due to the Governor’s, Deputy Governor’s, member’s or employee’s negligence or failure to comply with this Act.13. Directives by Bank
14. Determinations
15. Settlement of disputes
16. Retention of records
Despite anything to the contrary in any law relating to the retention of records, the Bank, system participants and service providers must retain all records obtained by them during the course of the operation and administration of the payment, clearing and settlement systems for a period of five years as from the date of a record.16A. Administrative penalties
16B. Offence relating to instrument, device, apparatus or material or component thereof
A person who -17. Penalties
A person convicted of an offence under -18. Short title and commencement
This Act -History of this document
08 August 2023
Repealed by
Payment System Management Act, 2023
06 May 2010 this version
15 May 2004
23 December 2003
21 December 2003
Assented to
Subsidiary legislation
Title | Numbered title |
---|---|
Card Interchange and ATM Surcharging | General Notice 181 of 2022 |
Cited documents 3
Legislation 3
Documents citing this one 49
Discussion Paper 1
Gazette 39
- Namibia Government Gazette dated 2003-12-23 number 3115
- Namibia Government Gazette dated 2004-05-15 number 3207
- Namibia Government Gazette dated 2007-07-06 number 3872
- Namibia Government Gazette dated 2007-07-20 number 3880
- Namibia Government Gazette dated 2008-08-27 number 4109
- Namibia Government Gazette dated 2009-10-23 number 4364
- Namibia Government Gazette dated 2009-12-01 number 4386
- Namibia Government Gazette dated 2010-05-06 number 4479
- Namibia Government Gazette dated 2012-02-22 number 4888
- Namibia Government Gazette dated 2012-03-28 number 4909
- Namibia Government Gazette dated 2012-06-29 number 4977
- Namibia Government Gazette dated 2012-12-14 number 5096
- Namibia Government Gazette dated 2012-12-17 number 5098
- Namibia Government Gazette dated 2013-04-02 number 5164
- Namibia Government Gazette dated 2013-05-14 number 5187
- Namibia Government Gazette dated 2013-05-31 number 5211
- Namibia Government Gazette dated 2013-12-03 number 5355
- Namibia Government Gazette dated 2014-06-18 number 5485
- Namibia Government Gazette dated 2014-08-29 number 5544
- Namibia Government Gazette dated 2015-11-02 number 5867
- Namibia Government Gazette dated 2016-02-01 number 5940
- Namibia Government Gazette dated 2016-03-01 number 5962
- Namibia Government Gazette dated 2017-06-01 number 6319
- Namibia Government Gazette dated 2017-12-22 number 6492
- Namibia Government Gazette dated 2018-02-01 number 6524
- Namibia Government Gazette dated 2018-07-31 number 6664
- Namibia Government Gazette dated 2018-11-16 number 6768
- Namibia Government Gazette dated 2019-11-28 number 7064
- Namibia Government Gazette dated 2019-12-18 number 7079
- Namibia Government Gazette dated 2020-02-04 number 7109
- Namibia Government Gazette dated 2020-08-10 number 7304
- Namibia Government Gazette dated 2022-04-28 number 7798
- Namibia Government Gazette dated 2022-07-25 number 7859
- Namibia Government Gazette dated 2022-07-28 number 7864
- Namibia Government Gazette dated 2022-08-15 number 7878
- Namibia Government Gazette dated 2022-10-14 number 7927
- Namibia Government Gazette dated 2022-12-21 number 7984
- Namibia Government Gazette dated 2022-12-30 number 7995
- Namibia Government Gazette dated 2023-07-28 number 8156
Judgment 2
- Collexia Payments (Pty) Ltd v Bank of Namibia (HC-MD-CIV-MOT-REV 457 of 2022) [2022] NAHCMD 608 (7 November 2022)
- Pinto v First National Bank of Namibia Ltd and Another (98 of 2011) [2012] NAHC 285 (31 October 2012)