The Bank of Namibia (BoN) has announced plans to introduce a new series of banknotes and coins in June 2025 as part of efforts to enhance security and combat counterfeiting.
Speaking on Wednesday during the launch of the N$60 Hage Geingob commemorative banknote, BoN Governor Johannes !Gawaxab emphasised the importance of maintaining a modern and resilient currency.
A key driver of the upgrade, he noted, is the need to strengthen anti-counterfeiting measures.
“It became imperative to enhance [the banknotes’] security features to remain abreast of technological advancements while protecting the currency against counterfeiting,” !Gawaxab stated.
The current series of Namibian banknotes has been in circulation since 2012, while the country’s coins have remained unchanged since their introduction in 1993. Given this, the central bank will take a two-pronged approach—introducing targeted enhancements to banknotes while completely overhauling the coin series.
“The need for the Bank to undertake a minor upgrade of the current banknote series and a complete overhaul of the coin series has been identified,” !Gawaxab said.
The new designs will incorporate state-of-the-art security features, making them harder to counterfeit while ensuring durability and cost-effectiveness.
Industry best practices recommend reviewing currency designs every six to eight years to maintain security and efficiency. Namibia’s move aligns with similar efforts by central banks worldwide to modernise their financial systems in response to evolving threats.
Beyond security concerns, the overhaul aims to bolster public confidence in the national currency.
By introducing enhanced banknotes and modernised coins, the BoN seeks to ensure Namibian money remains a reliable and robust symbol of economic strength.
“This proactive approach reflects the Bank’s commitment to innovation, resilience, and security in its financial system and ensures that our currency remains a robust and reliable symbol of our nation’s identity and economic strength,” !Gawaxab added.
Namibia’s central bank pushes for digital payment reforms
The new currency series also tracks with the BoN’s drive to boost financial inclusion through the adoption of modern technology.
Despite having a mature telecommunications market, Namibia’s financial services sector is lagging behind its peers in embracing digital technologies.
The use of online banking is limited, impeding access to credit and leading to a dual economy—a highly developed modern sector coexisting with an informal, subsistence-oriented one.
In response to these challenges, the central bank, in June 2024, penned an agreement with International Payments Limited (NIPL) to develop a national payment system akin to India’s widely coveted United Payment Interface.
The proposed payment system will facilitate real-time payment transactions, along with person-to-person and merchant payment transactions, promoting financial inclusion and reducing cash dependency for underserved populations in rural and informal sectors.
It is also expected to help underserved micro, small, and midsize enterprises access finance.
Additionally, the apex bank has plans to launch its Instant Payment Platform in September to enable fast and efficient real-time transfers between bank accounts, wallets and other financial platforms.
By making real-time transactions accessible to all, BoN seeks to democratise financial services, encouraging competition between fintech startups and traditional banks.
