The efforts made towards the payment system reform project started to bear fruits after the implementation by the Bank of Namibia of the Namibia Inter-bank Settlement System (NISS) on 10 June 2002. After the settlement system was put in place, there was a need to reform the clearing side of the National Payment System (NPS).
The establishment by the commercial banks of Namclear (Pty) Limited, in 2003, paved the way to modernise and automate various clearing systems starting with the Electronic Funds Transfer (EFT) System in 2004. The Cheque Processing System was rolled out in 2005 ending with the Card System (NamSwitch) in 2008.