Namibia Sees E-Money Transactions Jump to N$43.7 billion

April 4, 2025

(3 Minutes Read)

In 2024, Namibia’s e-money transactions surged to N$43.7 billion, up from N$37.7 billion in 2023, with transaction numbers rising to 86 million from 72 million. This growth reflects changing consumer habits favoring digital wallets, as highlighted by the Bank of Namibia (BoN).

Closed-loop e-money schemes increased, while electronic funds transfer (EFT) interbank transactions saw a decline in volume despite a rise in value, totaling N$827 billion in 2024 (down from N$839 billion). Card transactions also grew significantly, with 98 million transactions worth N$70 billion.

Namclear remained the sole operator for payment services, processing an increase in EFT values despite a slight decrease in transaction volumes. However, fraudulent transactions rose, with card fraud increasing to N$19 million and EFT fraud to N$29 million. In response, the financial sector has bolstered security measures and enhanced fraud monitoring.

To address fraud, the financial sector has enhanced transaction monitoring and blocked fraudulent e-commerce sites. “The Bank has collaborated with industry players to stress the importance of robust client data management. Initiatives such as the Cybersecurity Council have been mobilised to promote security against payment fraud,” BoN concluded.