Common Monetary Area (CMA) Regulatory Effective Date Extension for Namibia

We have received a formal communication from the Bank of Namibia that regulations impacting Electronic Fund Transfer (EFT) payments to and from Namibia has been extended from 10 April 2024 to 30 September 2024. This extension aligns with the regulatory deadline from other Common Monetary Areas (CMA) countries and affords the industry sufficient time to ensure compliance with regulations.

This means our banking channels remain available to you to make payments to Namibia until September 2024:

• You can continue using our existing Digital channels to make EFT payments to Namibia.  
• All Namibian accounts/ beneficiaries linked to your banking profile will remain in place.
• All scheduled payments with Namibian accounts/beneficiaries linked to your banking profile will remain in place.  
• You can continue to nominate a Namibian recipient account/beneficiary for any automatic investment pay-outs of capital or interest.

Any further updates or developments will be communicated as these arise. Standard Bank remains committed to supporting our customers during this time.

We apologies for any inconvenience caused.

For further information please visit your contact your Relationship Manager or alternatively contact our call centre line on 0860 123 000.