Standard Bank Namibia sets up own payment system
- Published on 30 August 2012
Financial services company Standard Bank Namibia says it has finally has completed localising its payment system, despite encountering several software problems in the six month trial stage.
The bank has been run under a clearance system from Standard Bank South Africa, with the majority of decision making being referred to the head office. But the payment system’s existence in Namibia means that Standard Bank can act more autonomously in that country.
In the past, Namibian clients also used to have their accounts cleared in South Africa; however, they will now be treated as different transactors.
And chief executive officer of Standard Bank Namibia Mpumzi Pupuma has said in a media conference that the payment system’s shift to Namibia has been done succesfully.
“The localisation is an ongoing process and as time goes on the bank will have to re-list on the Namibian Stock Exchange as a different entity from the mother company in South Africa. However we continue to be owned 90% by the South African entity,” said Pupuma.
While being upbeat about the successful move over to Namibia, the Bank’s chief executive could not shed more insight on whether Standard Bank could continue to cede more shares to Namibians.
“We have since made 10% of the banks stakes available to locals and we will distribute 8% of that to the bank’s staff while the 2% will cater for the women and disadvantaged groups in the country.
“Whenever there is a new move or a need to transfer more shares to the Namibians the bank will communicate officially, but for now there are no such plans,” Pupuma added.