TIRI MASAWI
Despite most countries moving into cashless societies dominated by mobile wallets and digital transaction applications, Namibia has witnessed a sharp increase in the amount of cash circulating in the economy from N$4.7 billion to N$5.6 billion between 2020 to-date.
Bank of Namibia Governor Johannes !Gawaxab, speaking at the official issuance of the upgraded bank notes and coinage in Mariental on Monday said the increase in the levels of cash in circulation means people are still using money in their hands, not just on their phones or cards.
“That N$10 note in a student’s pocket, the N$20 handed to a taxi driver, or the coins a grandparent uses at the corner shop, they 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,” !Gawaxab said..
He said while cash remains vital to the transacting public Namibia must face a reality that the world of money is changing.
“More and more people are using digital payments. Phones are becoming wallets. Automated Teller Machines (ATMs) are giving way to apps. But with this shift come new challenges: cybercrime, data theft and fraud are rising. The sophistication of fraud in Namibia has become deeply alarming. Scammers are now creating fake pictures and even fake videos, with computer technology, to look and sound like real people,” the Governor said..
He added that, “These are called deepfakes. They can make it seem as if a trusted leader or public figure – even myself – is speaking, when in fact it is all a lie. With the rapid spread and easy access to advanced technology, such as deepfakes and other scams, are likely to continue increasing unless we act decisively.”
According to the apex bank chief the bank is intensifying efforts to educate Namibians on how to safely use digital payment tools and online platforms.
“Our goal is to empower everyone with the knowledge and vigilance needed to protect themselves and prevent becoming victims of these evolving threats. If you are ever in doubt, please call the Bank
of Namibia before you invest in an ‘opportunity’ that the Bank is supposedly promoting,” he said.
He said there are three pillars that must continue to guide the Bank
of Namibia including resilience.
“Resilience means that our money must function under all conditions – not just when times are good, or when technology is working perfectly, but especially when they are not. When the power goes out. When the network fails. When there is no smartphone or signal. Namibians must still be able to make a payment, to buy bread, to settle a fare, or to support a loved one. A resilient monetary system is one that keeps working even when everything else does not,” he said.
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