Despite the ongoing rise of digital payment solutions, cash remains significant – both as a payment method and as a safety net in the event of digital disruptions.
The Governor of the Bank of Namibia, Johannes !Gawaxab, remarked this at the launch of new upgraded banknotes and coins in Mariental.
Statistics show the amount of cash circulating in the country has increased from N$4.7 billion in 2020 to N$5.6 billion to date.
"The N$10 note in a student's pocket, the N$20 handed to a taxi driver or the coins the grandparent uses at a corner shop still matter. Indeed, cash is alive, active and essential, especially for informal businesses that deal in small daily transactions, rural communities where internet access is limited or unavailable and households where every cent must stretch and count."
The central bank governor noted that while digital payments are on the rise, they also come with risks of cyber fraud.
"Our goal is to empower everyone with the knowledge and vigilance needed to protect themselves and prevent them from becoming victims of these evolving threats."
The Deputy Governor of the Central Bank, Ebson Uanguta, urged the public to protect the local currency against mutilation, noting that it is costly to produce.
"Let's leave here with more than new notes and coins; let us leave with a stronger sense of purpose that the nation's currency is not just managed by the central bank but upheld by its people and citizens by how we earn, how we spend, how we seek and how we look out for one another."
Referring to the counterfeit N$200 notes, worth N$72,200, seized last Friday in Keetmanshoop, Uanguta said only isolated cases of money counterfeiting have been observed in the country.
"Encouragingly, recent figures indicate that cases of banknote counterfeiting have reduced overall, yet the problem has not disappeared entirely. In 2024, 75 counterfeit banknotes were detected, down from 84 that were detected in 2023. So, these serve as a serious reminder of the importance of vigilance when we are transacting."
The central bank is set to embark on a nationwide campaign to educate the public on the safety features of the new currency to protect its integrity.
[09:20, 03/10/2025] Jeaneth Haipare: ARAF