Africa-Press – Namibia. President Netumbo Nandi-Ndaitwah in Windhoek, 23 July 2025
It is with a profound sense of honour and deep responsibility that I stand before you today to mark a historic moment in Namibia’s ongoing journey of economic sovereignty, resilience and development for the official launch of the upgraded Namibian banknote and new coinage series.
This coincides with the official celebration of the 35th anniversary of the Bank of Namibia under the theme: ‘Anchored in Stability: 35 Years of Central Banking Excellence and Innovation’.
It is a historic fact that, when Namibia gained independence in 1990, we inherited an economy that was heavily dependent on the former colonial power, including financial and monetary arrangements.
However, under the visionary and transformative leadership of our founding father, the late Sam Nujoma, the newly elected Namibian government at that time recognised that true independence required not only political freedom but also economic sovereignty, the foundation of which was to establish strong institutions to manage our economic destiny and transformation.
It is therefore important to express our appreciation that our founding leaders were able to recognise the need for the establishment of sound governance and financial institutional frameworks enshrined in the Namibian Constitution. That led ultimately to the establishment of credible institutions like the Bank of Namibia, which safeguards our economic sovereignty.
This is also the time to acknowledge all the six governors who effectively served this important national institution. To refresh our minds, I am referring to the likes of Wouter Bernard, Erik Lennart Karlsson, Jaafar bin Ahmad, Tom Alweendo, Ipumbu Shiimi and the current Johannes !Gawaxab – thank you all for your service to the nation.
Article 128 of the Namibian Constitution (as amended) gave birth to the central bank with the role to serve as the state’s primary instrument for controlling the money supply and inflation, managing the national currency, and regulating banking institutions.
Over the years, the bank has evolved into a resilient institution that not only effectively upholds its core mandate of price and financial stability but also plays a crucial role in supporting macroeconomic stability. Therefore, the bank has made significant contributions to Namibia’s sustainable development agenda, thus making it possible for our economy to withstand setbacks such as the world economic recession, droughts and global disasters such as Covid-19.
The Bank of Namibia is entrusted not only with improving access to affordable financial services, but also with promoting financial inclusion and supporting economic growth. Over the years, we have seen the bank drive its digital transformation agenda aimed at democratising financial services, enhancing efficiencies, and improving service delivery.
The bank has prioritised innovation. It has embraced the development of digital public infrastructure for financial services including the automation of government payments and the instant payment solution. These initiatives help to shape Namibia’s future into one that is more inclusive, resilient, innovative, and aligned with our nation’s development agenda. I applaud the bank’s leadership for shaping our nation’s financial future.
Despite the commendable progress we have made over the years, Namibia’s financial sector continues to face significant challenges that limit its ability to drive inclusive and sustainable economic growth. Access to financial services remains uneven, with rural communities and those engaged in the informal economy still largely excluded from the mainstream financial systems and services – and they are the majority in our country.
This exclusion entrenches poverty and prevents meaningful economic participation for the majority of rural areas and those outside the formal economy.
Furthermore, transformation and localisation of the financial sector remain areas of concern that require urgent policy intervention in order to move forward.
Digital financial literacy is another pressing weakness. While digital financial services are expanding rapidly, many of our people lack the skills and confidence to use these safely and effectively, leaving them vulnerable to fraud and scams. This limits the full potential of digital inclusion. That calls for education to make our people aware of the financial systems at their disposal. Financial services play a great role in our agenda of economic and national transformation – hence the need for inclusion.
It is also of paramount importance to remind ourselves that the strategic focus of the eighth administration remains resource beneficiation, value addition, and industrialisation. The growth of strategic economic enablers such as agriculture, oil and gas, minerals, fisheries and the blue economy requires a financial sector that is responsive and supportive of local content objectives. Entrepreneurs in these sectors, along with those in our creative industries, continue to face barriers in accessing the finance they need to scale up their businesses, create jobs, and drive innovation. It is therefore important that our financial institutions should pay special attention to local entrepreneurs and businesses, enabling them to participate in the country’s economy as a key to prosperity.
Youth development is another national priority that requires urgent financial sector responsiveness. The majority of our population is young, yet youth-owned enterprises continue to face systemic financing hurdles, limiting their economic agency and undermining national efforts to harness the demographic dividend.
The National Youth Fund, which will be launched in the coming months, is intended to address this anomaly. In this regard, I urge financial institutions, particularly commercial banks, to support this noble national initiative.
It is against this backdrop that Cabinet approved the Namibia Financial Sector Transformation Strategy (2025 to 2035). This ten-year strategy is both relevant and timely, providing a structured roadmap to address these weaknesses and unlock the full potential of our financial system.
Developed through rigorous research, regional consultations, and inputs from public and private sector stakeholders, it seeks to create an inclusive, modern, competitive, sustainable, and resilient financial sector that supports all Namibians.
I hereby direct all stakeholders to rally behind this national blueprint, with its official launch taking place on 28 July.
Banking fees and charges are another major concern for Namibians and have become a topical issue in our parliament, with motions passed to this effect. Tackling this issue is vital for easing the financial burden on consumers in a fair and transparent manner. In this context, the recent directive by the Bank of Namibia to require banks to reduce the margin between the repo rate and the prime lending rate by 25 basis points to align with Common Monetary Area practices is a welcome development.
This strategic step is likely to provide significant relief to consumers. I therefore urge the Bank of Namibia and the Ministry of Finance to work together and release regulations to ensure that fees and charges serve the public interest and remain proportionate to the services provided by financial intermediaries without compromising financial stability.
When the Namibian dollar was first launched on 14 September 1993, it marked a defining moment in our journey towards self-determination and the creation of our own distinct national identity.
This historic milestone solidified our newfound sovereignty and transformed us into a nation that could proudly declare its economic independence through our own currency. Central banks are renowned for trust and integrity, not just the supply of banknotes and coins.
Over the past 35 years, the bank has intentionally cultivated this trust through prudent monetary policy, maintaining price stability, and ensuring that our currency serves as a reliable store of value and medium of exchange.
As we launch the upgraded banknotes and new coins today, it is important to note that currency is not just a national symbol. Currency plays an important role in facilitating trade and commerce, attracting investment, and driving economic growth and development.
The fact that the Namibian dollar is stable fosters public confidence in our government policies and provides ordinary Namibians with both opportunities and access to the formal banking sector.
This is important because when our money retains its value, Namibians can save, invest, and engage in the formal banking sector with confidence.
It is important to underline that an upgrade to both banknotes and coins is necessary. Our banknotes were last updated in 2012, while our coin series has remained unchanged since 1993. Change is therefore long overdue. Technological advances have progressed, and Namibia must stay on par with the rest of the world.
It is essential to ensure that banknotes and coins are durable, easily recognisable, authentic, and secure in order to help prevent counterfeiting and maintain confidence. The notes and coins we are launching today are designed to meet the needs of a rapidly changing financial landscape.
Unlike the previous version, the themes that feature on the new coins celebrate Namibia’s vital economic sectors that significantly contribute to our nation’s gross domestic product (GDP) – namely mining, retail, agriculture, manufacturing and tourism. These themes are thoughtfully aligned with the government’s commitment to sustainable economic growth and development, and are deliberate choices to recognise the sectors that underpin our economy and enhance our competitiveness.
The banknotes and coins have been aligned with international best practices, as evidenced by the adjustments made to the sizes and materials. This not only improves durability but also ensures that our currency remains modern, practical, and in line with global standards.
I am also delighted to announce that the upgraded banknotes continue to honour our Namibian heroes – kaptein Hendrik Witbooi, a distinguished pioneer and stalwart in the fight against colonial oppression, and the late founding president and father of the Namibian nation, Sam Nujoma.
Each note remains a powerful national symbol, representing the collective spirit of courage, sacrifice and resilience that defines our journey as a nation. Moreover, from an inclusivity perspective, the upgraded banknotes incorporate enhanced features designed to better support the visually impaired and partially sighted members of our society.
We must be mindful that our currency is a vital national asset – a symbol of our sovereignty and resilience. In light of that, there is a need to familiarise ourselves with its features and security elements, and to handle them with care and respect.
I now extend my congratulations to the entire team at the Bank of Namibia, our very own Super Eagles, for carrying out this national duty with unwavering dedication and professionalism.
As we celebrate 35 years of central banking, I urge you to continue serving our country with pride, diligence and professionalism. You are our economic soldiers, steadfast on the frontlines of our nation’s financial defence and guardians of our monetary and financial stability, ensuring that Namibia’s economic sovereignty remains protected.
Continue to safeguard our financial infrastructure, armed with foresight, patriotism, and the latest skills and knowledge to combat cybersecurity threats and other emerging risks.
Just as soldiers must defend our country, you must defend the integrity of our financial system to ensure financial resilience for the benefit of our people. Be our financial fortress at all times.
Happy 35th anniversary to the Bank of Namibia.
I thank you.
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