A CFC account is for corporate clients involved in import and/or export transactions; as well as providers of services (merchant trade, tour operators, insurance brokers, etc.). CFSs are bank administered and all transactions must comply with exchange control requirements.
You can hold an account in any major currency (AUD, CAD, CHF, EUR, GBP, JPY and USD)
Funds can remain in a currency for up to 180 days, before they need to be used for either payments for imports or converted to Namibian Dollar
Separate accounts need to be maintained for importers (Import Payment account) and exports (Export Receivable account)
Export Receivable Account - this account is opened in the name of the Namibian exporter in the bank's books for the purpose of receiving export proceeds or for the purpose of drawing funds in anticipation of foreign proceeds.
Import Payment Account - this account is opened in the name of a Namibian importer in the bank's books and is used to effect import payments on the importers behalf.
Both these accounts are similar in nature to an overdraft, in that the interest paid on creditor balances and the interest rate charged on debit balances are not fixed and fluctuate with the LIBOR rate on a daily basis.
First National Bank of Namibia Limited, Reg. No. 2002/0180.
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