Fraud Across Payment Systems Decreases

By: Dolly Menas

 

The Bank of Namibia’s Financial System Stability Committee (FSSC) has reported a decline in fraud across payment systems in the country.

The committee emphasised that Namibia’s payment systems and infrastructure remain secure, playing a crucial role in ensuring reliable transactions and contributing to the overall stability of the financial system.

This assessment follows a meeting held on 3 October, where the committee reviewed the resilience of Namibia’s financial system in light of both global and domestic risks.

Bank of Namibia Governor Johannes !Gawaxab noted that while Namibia’s greylisting by the Financial Action Task Force (FATF) remains a concern, significant improvements have been made. However, ongoing issues related to climate change and cybersecurity continue to pose challenges.