Bank of Namibia to launch digital money for mobile phones by June next year
The Bank of Namibia BoN plans to introduce digital money accessible via mobile phones by June next year. This initiative aims to enhance financial inclusion and facilitate instant payments, as announced by central bank governor Ebson Uanguta. Speaking to the national steering committee on the informal economy, Uanguta stated that these new products would help formalize Namibia's informal sector by creating transaction histories, which are often required by banks for funding applications. The digital money system will initially support government-to-person transactions, followed by person-to-person transfers, and eventually person-to-merchant payments for goods in shops. Uanguta believes this instant payment solution will be fully functional by June next year, helping individuals maintain financial records and boosting economic activities. Dynamic Informal Traders Association executive director Tangeni Shindondola, also present at the event, advocated for recognizing the value and contribution of the informal economy, urging a shift from viewing it as a problem to be regulated.
