SBN takes step towards cheque-less Namibia

January 18, 2016, 3:20pm

Standard Bank’s Manager of PR & Corporate Communications Surihe Gaomas-Guchu  

Standard Bank Namibia (SBN) no longer accepts cheques in excess of N$100 000-00, following instruction by the Payments Association of Namibia (PAN) for all commercial banks to reduce cheque limits from N$500 000-00 to N$100 000-00.

“The 15th was the last date depositing cheques of more than N$100 000-00. Inter-bank clearing will be completed by 21 January 2016. After the 21st of this month, banks and relevant clearing institutions will no longer process cheques,” informed Surihe Gaomas-Guchu, Corporate Communication Manager at SBN.

Gaomas-Guchu also warned customers that split payments that amount to over N$100 000-00 are also a violation of the cheque limit.

According to PAN, the association that manages the national payment system in Namibia, reducing cheque limits is part of the process of phasing out cheques completely, which they anticipate will by 31 December 2017.

“Earlier phasing out of cheques by customers is strongly recommended to avoid inconvenience and interruptions,” the PAN statement said.