New regulations for Namibian payments

This article outlines recent bank regulatory changes affecting transactions between South Africa and Namibia, how these adjustments will impact LekkeSlaap hosts, and what we’re doing to navigate these changes.

What are the new regulations for payments from South Africa to Namibia, and how does that affect Namibian Hosts?

As of 4 September 2024, most South African banks have discontinued supporting EFT payments between South Africa and Namibia. Therefore, LekkeSlaap is no longer able to pay Namibian hosts using EFT as a payment method. 

To ensure that we continue payouts to Namibian hosts with limited disruption, we have developed two new payout solutions:

1. Adding South African bank details to your host profile

If you have a South African bank account, you can provide us with these account details to receive payouts from us directly into your South African bank account. This method is a seamless solution that complies with the new regulations and will ensure that we continue our payouts as normal.

2. Accepting Credit Cards as a payment option

If you are able to process credit cards, you can choose to receive our payouts via a virtual credit card. How this works:

• Issuing Virtual Credit Cards: Our secure payment platform issues virtual credit cards, which can be processed like regular credit cards, making it easy for you to manage your payouts.

• Processing Payments: Once a virtual credit card is issued, you can process the payment through your existing card payment system. 

• Setup Requirements: To use the virtual credit card payment option, you’ll need to ensure that your card processing system can handle virtual credit cards. 

If none of these options work for you, please get in touch with your property support consultant, to assist with alternative options.

How to select the correct payout option for you:

Step 1: Log into your Host Profile.

Step 2: Click on ‘Accounts’.

Step 3: Click on ‘Bank Details’.

Step 4: Choose the option most suitable for you.

Note: You cannot edit the ‘Bank Details’ fields, but you can upload proof of your bank details for approval.

If you select ‘Virtual Credit Card’, you must complete all the sections. Please note that the ‘ID/Password number’ you insert will be the password to open your virtual card in PDF format.

How does the virtual credit card email look?

Below is an example of the email you will receive once a booking is due for payment.

The attached document will be a password-protected PDF with the ID/Passport number provided by you.

You can now process the credit card payment.

Disclaimer: Please note that both payment options comply with the new regulations governing cross-border payments between South Africa and Namibia. It is important to choose the option that best suits your financial setup and operational needs. Credit card processing fees may vary depending on your bank or payment processor.