PAN was therefore born as an integral part of this process, having been established in 2005 by virtue of the Payment System Management Act, 2003 (Act No. 18 of 2003). PAN is a legal body, self-regulatory non-profit association, made up of banking institutions and non-bank payment service providers. But why was this Association established and what is its mandate?
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.