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Home Digital Currency

Namibia Explores Launching Central Bank Digital Currency

Tech Gist Africa by Tech Gist Africa
03/05/2025
in Digital Currency, Digital payments, News - South Africa, Payment
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The Bank of Namibia (BoN) is actively exploring the introduction of a Central Bank Digital Currency (CBDC) to enhance cross-border payments and promote financial inclusion within the country. This initiative follows a technical assistance mission conducted by the International Monetary Fund (IMF) from January 15 to February 1, 2024, which provided guidance on assessing the feasibility of a digital currency rollout.

IMF Recommendations

The IMF mission advised the BoN to establish a compelling rationale for issuing a retail CBDC, emphasizing the importance of assessing how it could improve payment systems and financial inclusion compared to alternative solutions. The mission also recommended focusing on enhancing existing payment infrastructures before considering the launch of a digital currency.

Regional Collaboration

In addition to exploring domestic benefits, the BoN is engaging in discussions with central banks in Eswatini, Lesotho, and South Africa to evaluate the feasibility of a CBDC for facilitating cross-border transactions within the Southern African region.

Future Considerations

While the BoN is actively exploring the potential of a CBDC, it has emphasized that any decision to introduce a digital currency will be made only when it is convinced that it is both necessary and proportionate to fulfill its mandate of ensuring the security and stability of Namibia’s currency.

As of now, Namibia has not set a specific timeline for the launch of a CBDC, and the exploration phase continues with careful consideration of the benefits, risks, and implications associated with digital currencies.

 

Read more on Tech Gist Africa: 

IMF is developing a global central bank digital currency platform

The Moroccan Central Bank is currently working on a bill to regulate cryptocurrencies

The Future of Money: The end of currency notes and the emergence of digital currency

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