Technical Assistance Reports

Namibia: Technical Assistance Report-Retail Central Bank Digital Currency Exploration and Roadmap

February 12, 2025

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International Monetary Fund. Monetary and Capital Markets Department "Namibia: Technical Assistance Report-Retail Central Bank Digital Currency Exploration and Roadmap", Technical Assistance Reports 2025, 016 (2025), accessed March 15, 2025, https://doi.org/10.5089/9798400298998.019

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Summary

The Bank of Namibia (BON) explored the potential of Retail Central Bank Digital Currency (rCBDC). The key drivers included promoting financial inclusion, modernizing financial system modernization, as well as improving cross-border payments. The technical assistance (TA) mission aimed to provide the groundwork for a feasibility study of rCBDC and to draft a rCBDC exploration roadmap for the BON. The mission analyzed Namibia’s payment systems and financial inclusion and assessed the potential value propositions and drawbacks of rCBDC. Additionally, the mission evaluated the implications of rCBDC for monetary policy and financial stability, while assessing the BoN’s foundational requirements. Finally, the mission helped draft a rCBDC exploration roadmap, intending to foster a cohesive and coordinated approach for the BoN and external stakeholders. The mission’s findings will inform the development of the BoN's rCBDC position paper.

Subject: Central Bank digital currencies, Currencies, Digital financial services, Financial inclusion, Financial markets, Money, Payment systems, Technology

Keywords: Africa, BoN's participation, BoN's staff capability, CBDC, CBDC exploration, Central Bank digital currencies, Central bank digital currency, Central bank staff, Cross-border payments, Currencies, Digital financial services, Financial inclusion, Global, IMF's Monetary, Namibia., Payment systems, RCBDC, RCBDC exploration roadmap, Request of the Bank of Namibia, Retail CBDC, Retail central bank digital currency, Sub-Saharan Africa

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