As an independent and sovereign state, Namibia had to start managing and controlling its own domestic exposure and risks within the financial sector. The Bankers Association of Namibia, as a representative of all the commercial banks in Namibia and delegated by the Bank of Namibia, initiated the National Payment Reform project, which was launched in 2001, whereby the Namibian commercial banks identified key objectives of this reform project to include the disconnection of inter-bank transactions from the South African National Payment System and to clear and settle them locally.
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