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The Bank of Namibia on Monday launched and activated the modified N$20 banknote at Opuwo.

The modified N$20 note contains the signature of the current central bank governor, Johannes !Gawaxab. The N$20 and N$200 notes were last reprinted in 2018.

!Gawaxab said this at the launch that was held in Opuwo to promote financial inclusion. 

"Our bank notes have state-of-the-art case security features in line with international industry best practices. Bank notes should bear the signature of the sitting governor as a level one security feature and as a public recognition feature when they are replenished or when a new series is issued." !Gawaxab said.

!Gawaxab noted that Namibia remains a predominantly cash-based economy, especially in the semi-urban and rural areas.

In 2022, total currency in circulation stood at N$4.8 billion, making up 2.5% of the country's gross domestic product.

The governor says the bank has noted a steady growth in the demand for currency.

!Gawaxab added that "it is evidence that many of our people continue to use cash, that is, coins and bank notes, as a primary form of payment in settling their transactions, conducting their business activities, and meeting social obligations.  It is equally our priority to ensure that bank notes and coins are accessible, durable, recognizable, and easily authenticated. Launching this bank note signals our commitment to promoting the inclusion of all Namibians in our economy by increasing participation and expanding opportunities." 

Kunene Governor Marius Sheya applauded the institution for choosing Kunene, especially Opuwo, to launch this bank note, calling it the start of great things happening in the region. 

"I think this is the start of much other work that we are going to do together with the Bank of Namibia, so we want to say thank you really for coming to us. It very rare that institutions as important as the Bank of Namibia come to regions like ours to have activities." Marius Sheya, Kunene Governor.

!Gawaxab is expected to launch the N$200 banknotes at Outapi on Tuesday. 

"It is my pleasure to officially unveil the modified N$20 note."

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Photo Credits
Bank of Namibia

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Author
MICT Kunene