IPS could narrow payment cost gap between Namibian banks
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.
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.
