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Bank of Namibia

Currency Management and Banking Operations

Summary

Find out more about Currency Management and Banking Operations.

Currency Management and Banking Operations

The Bank of Namibia has the sole authority to produce and issue Namibian currency, as mandated by the Bank of Namibia Act, 2020 (No. 1 of 2020). The Banking Services Department draws its mandate from the Bank’s Strategic Plan of 2022 – 2024, under the Purpose Pillar, and is responsible for delivering on this mandate through ensuring the sufficient supply and the integrity of currency.

Under the aforementioned pillar, the Department further acts as Banker for the Namibian Government, byproviding a broad range of banking services to the Government of the Republic of Namibia and commercial banks. The Department comprises the Currency and Banking Division, the Protection Services Division, and the Oshakati Branch.

The main responsibilities of the Department are to:
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Provide efficient and effective banking services to the Bank of Namibia’s customers; namely the Government of the Republic of Namibia and commercial banks.

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Ensure the sufficiency of supply and the integrity of currency.

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Ensure the safety and security of the Bank, its personnel and assets, and the Namibian currency.

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Manage all aspects of Namibian currency production, quality control and issuance.

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Ensure confidence in the Namibian currency as an effective payment mechanism and a secure store of wealth.


 Currency & Banking

The Bank of Namibia is the sole issuer of Namibian banknotes and coins. The function acts on its mandate to operate as a banker to the Government by ensuring the timely processing of local and foreign Government payments through existing payment rails. It facilitates commercial banks’ cash requirements daily to ensure a steady and sufficient supply of currency to the Namibian market.

The specific responsibilities are to:

  • Issue and distribute good quality banknotes and coins;
  • Provide banking services to the Government;
  • Oversee Government electronic funds transfer (EFT) processes and the reconciliation of payments;
  • Exchange soiled or damaged banknotes;
  • Research currency-related matters to inform the future strategic direction of the Bank; and
  • Evaluate requests for the reproduction of banknote and coin images.

 Protection Services

The function is a proprietary security service of the Bank of Namibia, responsible for providing safety and security to the Bank’s personnel and assets, as well as visitors.


 Oshakati Branch

In 2000, the Bank of Namibia made a decision to open up a Branch in Oshakati for the purpose of minimising cash exposure risk. The Oshakati Branch opened for business on 15 July 2003 and His Excellency Dr Sam Nujoma, the Founding President of the Republic of Namibia, officially inaugurated the Branch on 20 September 2003.

As the Oshakati Branch is a division of the Banking Services Department, certain responsibilities correspond.

The main responsibilities of the Branch are to:

  • Provide efficient and effective banking services to the Bank of Namibia’s stakeholders, namely the Government of the Republic of Namibia, commercial banks and the public;
  • Provide sufficient quantity of and good quality Namibian currency; and
  • Ensure the safety and security of the Bank, its personnel and assets, and the Namibian currency.

To ensure efficient operation, the Branch comprises support functions.


 Departmental Management
Ms Cindy Fillipus

Deputy Director: Currency and Banking Division

Mr Johannes Asino

Deputy Director: Protection Services Division

Ms Moudi Hangula

Branch Manager: Oshakati Branch

 Contacts

For general Banking Services Department enquiries, contact the Director’s Office at:

     Tel: +264 61 283 5280
     Fax: +264 61 283 5067
Ms. Sencia Kaizemi-Rukata - Director: Banking Services - Bank of Namibia
Ms. Sencia Kaizemi-Rukata

Director: Currency Management and Banking Operations


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