be proud of its payment system infrastructure established over the last 10 years. however, the namibian banking industry has once again a unique opportunity to create a modern, streamlined and cost - efficient payments infrastructure that will position the banking industry and the namibian economy well for the future. a future where commerce bis central bankers ’ speeches will require real - time payment mechanisms that give immediate value and finality to the beneficiary. a world where various channels like e - payments, mobile phones and the internet will be used to make payments and conduct business fast, efficiently and cost effectively. this is a world where instruments that are prone to fraud such as cheques will play a small role, if any. cross - border remittances transfer of money across borders by people in the low segment of the market will enjoy our priority during the implementation of this vision document. it is important for the banking industry to improve the remittance transfer infrastructure in namibia with the view to achieve a low - cost and safe cross border remittance service to cater for unbanked community. regional participation in cma and sadc there are currently discussions about integration of payment systems in cma and sadc countries to facilitate cross - border payments. namibia is committed to fully participate in these initiatives with the view to contribute to the successful implementation of efficient, safe and cost - effective regional payment systems. in conclusion, i would like to congratulate the banking industry for the effort, and achievements of the past ten years, not only in the area of payment systems, but also in the manner in which we have worked together on daily basis. much of what has been achieved in the development of our nps over the past ten years has been through consultation, collaboration and co - operation between the members of pan and the bank. going forward there are new and complex challenges facing the nps. therefore the bank looks forward to the continued co - operation of pan, the banking association of namibia and other stakeholders as we tackle the challenges that lie ahead in an effort to implement a world - class payment system, which will meet the needs of the domestic economy and comply with international best practices by 2015. i thank you for your kind attention. bis central bankers ’ speeches

ipumbu shiimi : national payment system vision 2015 launch speech by mr ipumbu shiimi, governor of the bank of namibia, at the launch of the national payment system vision 2015, windhoek, 5 april 2011. * * * director of ceremonies mr. ian leyenaar, representing mr. erastus hoveka the president of bankers association of namibia, dr. gift kavari chairperson of the payments association of namibia members of the banking industry members of the media distinguished invited guests, ladies and gentlemen good morning it is with great pleasure to welcome you all here today to witness the launch of the national payment system ( nps ) vision 2015 for namibia. let me first use this opportunity to thank the banking industry for their respective contributions in the process of finalizing the vision document. without your input we would not have achieved this milestone. much has been achieved since the development of the first nps vision and strategy in the year 2000, and although i do not want to detail these achievements, there are a few major milestones which are worth highlighting : the first major milestone was reached on 10 june 2002, when the namibia inter - bank settlement system ( niss ) was implemented, enabling banks to settle their obligations with each other immediately, the so - called real time gross settlement system ( rtgs ). the second milestone was reached with the promulgation of the payment system management act in december 2003. the act provides the bank with the mandate to oversee and monitor the payment system ; the third major milestone was reached during 2004 – 2005 with the establishment of the automated clearing house, namclear, which localised the clearing and processing of the electronic funds transfer system ( eft ) and cheque processing system ; the payment association of namibia ( pan ) was established in 2005 to manage the affairs of its members in relation to payment instructions, but also to act as a medium of communication with the different stakeholders, namely the bank, public bodies, the media and even the general public. finally, perhaps one of the most important achievements in the nps recently was the establishment of namibian card switch, namswitch in november 2008, enabling the clearing and settlement of namibian card transactions locally. director of ceremonies the payment system is dynamic and new demands and opportunities arise as a result of market requirements and technological developments. therefore, new challenges are facing the nps, hence a new strategic direction is required. it is against this background that the bank in collaboration with the banking industry has