In the Caribbean, institutions limiting rent-seeking are weak: banker and bureaucrat have more opportunity and incentive to reap private benefits at public cost. Basel 3, for example, presumes that sophisticated and integrated risk management systems are in place, and for the Caribbean this is generally not the case. Thirdly, skills are scarce in the Caribbean.
Ladies and Gentlemen, the mandate of PAN is, amongst others, the following:   to provide a forum for the consideration of matters of policy and mutual interest of members relating to the national payment system of Namibia;    to authorize and set standards for non-bank payment service providers related to payment instructions, clearing and settlement with the endorsement of the Bank of Namibia.