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Official Fees:
USD 1,000.00
Professional Fees:
USD 250.00
Disbursements:
USD 250.00
Courier Fees:
USD 100.00
VAT:
USD 165.00
USD 1,765.00
Service Description
To obtain licenses for payments or electronic money in Namibia,
several considerations and factors must be taken into account. The
licensing process is governed by the Payment System Management Act and
relevant regulations established by the Bank of Namibia. Below are the
key components involved in obtaining a license:
Required Documents for Obtaining a License
-
Business Registration Documents:
- Certified true copy of the memorandum and articles of association or certificate of incorporation.
- Company profile, including the organizational structure and contact details.
-
Ownership Information:
- Beneficial ownership information of all substantial shareholders.
-
Business Plan:
- A detailed business plan outlining the intended payment services.
-
Financial Statements:
- Recent financial statements or banking statements for the registered entity.
-
Technical Descriptions:
- Detailed technical descriptions of the services intended to be provided.
-
Compliance Documentation:
- Documentation demonstrating compliance with anti-money laundering and consumer protection regulations.
Conditions for Obtaining a License
- Application Submission: The application must be submitted to the Bank of Namibia, specifying the type of payment services intended to be offered.
- Non-Refundable Application Fee: An application fee, which is non-refundable, must accompany the application.
- Due Diligence: The Bank will conduct due diligence to assess the applicant's readiness to offer the payment service.
- Operational Requirements: Applicants must meet operational and reporting requirements as determined by the Bank.
- Pre-Opening Inspection: A successful pre-opening inspection by the Bank is required before the license can be issued.
Fees
- The specific fees associated with obtaining a license can vary. The application fee is non-refundable, and additional fees may be required depending on the services offered and the regulatory requirements set by the Bank of Namibia. The exact amounts are specified in the Payment System Notice issued by the Bank.
Services and Fees
- Consultation Services: Professional services can be provided to assist with the licensing process, including:
- Structuring the application.
- Preparing necessary documentation.
- Providing fee estimates based on the specific requirements of the client's business.
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