BoN signals digital dollar shift
Ogone Tlhage
Outgoing Bank of Namibia (BoN) governor Johannes !Gawaxab says Namibia could introduce a digital Namibian Dollar as early as 2030, aligning the country with a growing global movement toward central bank digital currencies (CBDCs).
Speaking on the central bank’s Boncast podcast as he reflected on his five-year tenure, !Gawaxab said the rapid rise of CBDCs worldwide makes it increasingly likely that Namibia will follow suit.
“Within the next five to ten years, central bank digital currencies will become more common. I will not be surprised if, within that period, the BoN has a central bank digital currency — a digital Namibian Dollar to complement cash and the payment systems we have in the country,” he said.
He added that advances in technology are reshaping monetary systems at an accelerated pace.
“Technology is reshaping central banking not only in Namibia, but globally. Money is already digital, and soon, it will also be instant and borderless,” !Gawaxab said.
While the central bank has not yet issued a formal discussion paper on a Namibian CBDC, the Namibia Financial Sector Transformation Strategy 2025–2030 confirms that the country is actively exploring distributed ledger technology and undertaking research on a digital currency framework.
“These initiatives should be accompanied by sector-wide collaboration, and coordination should be pursued to enhance the success of digitally transforming the sector to improve efficiency, cyber resilience and security, and further reduce costs,” the strategy said.
The International Monetary Fund (IMF) defines digital money as the digital representation of value. Public-sector digital money takes the form of CBDCs — essentially a digital version of cash accessible through internet or mobile applications.
Globally, digital adoption is accelerating. The IMF noted that there are one billion registered mobile money accounts across 95 countries, with nearly US$2 billion transacted daily. Sub-Saharan Africa remains a leader, accounting for almost half of all mobile money accounts worldwide.
The Bahamas became the first country to fully launch a CBDC — the Sand Dollar — to improve financial inclusion across its widely dispersed islands. China is also piloting one of the world’s most advanced projects, the e-Renminbi, which could transform payments in the world’s second-largest economy and accelerate global CBDC uptake.
Outgoing Bank of Namibia (BoN) governor Johannes !Gawaxab says Namibia could introduce a digital Namibian Dollar as early as 2030, aligning the country with a growing global movement toward central bank digital currencies (CBDCs).
Speaking on the central bank’s Boncast podcast as he reflected on his five-year tenure, !Gawaxab said the rapid rise of CBDCs worldwide makes it increasingly likely that Namibia will follow suit.
“Within the next five to ten years, central bank digital currencies will become more common. I will not be surprised if, within that period, the BoN has a central bank digital currency — a digital Namibian Dollar to complement cash and the payment systems we have in the country,” he said.
He added that advances in technology are reshaping monetary systems at an accelerated pace.
“Technology is reshaping central banking not only in Namibia, but globally. Money is already digital, and soon, it will also be instant and borderless,” !Gawaxab said.
While the central bank has not yet issued a formal discussion paper on a Namibian CBDC, the Namibia Financial Sector Transformation Strategy 2025–2030 confirms that the country is actively exploring distributed ledger technology and undertaking research on a digital currency framework.
“These initiatives should be accompanied by sector-wide collaboration, and coordination should be pursued to enhance the success of digitally transforming the sector to improve efficiency, cyber resilience and security, and further reduce costs,” the strategy said.
The International Monetary Fund (IMF) defines digital money as the digital representation of value. Public-sector digital money takes the form of CBDCs — essentially a digital version of cash accessible through internet or mobile applications.
Globally, digital adoption is accelerating. The IMF noted that there are one billion registered mobile money accounts across 95 countries, with nearly US$2 billion transacted daily. Sub-Saharan Africa remains a leader, accounting for almost half of all mobile money accounts worldwide.
The Bahamas became the first country to fully launch a CBDC — the Sand Dollar — to improve financial inclusion across its widely dispersed islands. China is also piloting one of the world’s most advanced projects, the e-Renminbi, which could transform payments in the world’s second-largest economy and accelerate global CBDC uptake.
