The International Monetary Fund (IMF) mission to Namibia recently concluded that there are no compelling reasons for the Southern African nation to issue a retail central bank digital currency (CBDC). Instead, the mission stated that the instant payment solutions (IPS) currently being developed by the Bank of Namibia (BON) are better positioned to address affordability and interoperability issues.

In its recently published report, the IMF argues that major financial institutions operating in Namibia have already committed resources to IPS initiatives, leaving no room to support the retail CBDC project. Furthermore, the international financier believes that the often-touted benefits of a CBDC, such as offline capabilities and programmability, hinge on technologies that have yet to mature for mass adoption.

According to the IMF, a retail CBDC is unlikely to significantly close the financial exclusion gap without first addressing its root causes.

“Similarly, the case for a retail CBDC to improve financial inclusion will also depend on addressing common root causes of financial exclusion. The features of openness, programmability, and offline payments could enhance accessibility and affordability of digital financial services. Nevertheless, root causes of financial exclusion, such as inadequate infrastructure and low financial literacy, must still be addressed even in the presence of a retail CBDC,” the IMF report concluded.

Alongside fellow Southern African Customs Union members Eswatini, Lesotho, and South Africa, Namibia has been exploring retail CBDCs. However, to gain a deeper understanding of retail CBDCs, Namibia enlisted the IMF’s help in laying the groundwork for a feasibility study and drafting a retail CBDC exploration roadmap.

After concluding its survey study, the IMF found that, in addition to lacking the resources to implement a CBDC, limited accessibility to digital infrastructure and high digital transaction costs are constraining Namibia.

Therefore, before Namibia proceeds to develop prototypes or pilots, the IMF urges the country to gather sufficient facts and evidence. It also encouraged BON to conduct a macro-financial analysis of the retail CBDC and to collaborate with central banks in the Common Monetary Area (CMA). If and when it decides to issue the CBDC, the Namibian central bank should continue its efforts to learn more about these developments.

“Finally, should the Bank of Namibia decide to issue a retail CBDC, further efforts will be necessary to improve foundational requirements. Regarding institutional capacity, the Bank of Namibia should continue to learn and develop internal expertise in retail CBDCs and actively participate in international CBDC forums. In terms of resources, the Bank of Namibia should ensure that the financial and human resources allocated for the retail CBDC project do not hinder existing or more urgent reform initiatives,” the IMF stated.

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