Namibia’s interbank payment system migrates to global standard

The Bank of Namibia has announced the successful migration of the Namibia Interbank Settlement System (Niss) to the ISO 20022 global payment messaging standard, marking a major milestone in the country’s financial infrastructure.

The switch became effective on 12 May.

Niss, which serves as Namibia’s real-time gross settlement system, plays a vital role in processing both individual and retail interbank payments.

According to the Bank of Namibia (BoN), between April 2024 and April 2025, the system processed over 97 000 transactions, with a total value exceeding N$1.2 trillion.

BoN strategic communication and international relations acting director Naufiku Hamunime says the transition was part of the bank’s commitment to aligning with international standards and best practices in financial system management.

“ISO 20022 is an internationally recognised standard for financial payment messaging, currently being adopted worldwide by financial institutions. This transition brings several benefits to the Namibian payment system, including straight-through payment processing, enhanced processing capabilities, and improved liquidity management for financial institutions,” says Hamunime

She says the adoption of ISO 20022 will enhance the ability of financial institutions to detect and prevent fraud.

“The rich data format enabled by ISO 20022 supports better monitoring and detection of fraud, thereby strengthening global efforts to prevent illicit transactions,” says Hamunime.

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