Central bank keeps southern branch dream alive
The Bank of Namibia (BoN) has reaffirmed its commitment to establishing a branch in southern Namibia to strengthen its nationwide presence and support the region’s burgeoning economic prospects.In light of this, BoN spokesperson Kazembire Zemburuka said that the central bank is actively exploring the establishment of a southern branch in response to transformative developments in the region.
“The Bank of Namibia is dedicated to aligning its services with the country’s evolving economic needs. The possibility of a southern branch remains under serious consideration,” Zemburuka said in an emailed response to Market Watch.
The proposed branch is motivated by the anticipated economic boost from the green hydrogen industry and the Neckartal Dam irrigation scheme. These initiatives are expected to reshape southern Namibia’s economic landscape, creating a need for enhanced central bank support.
“The green hydrogen projects and Neckartal Dam initiative represent significant opportunities. We are assessing the feasibility of a research-focused and operational presence to provide timely economic insights and support stakeholders in these transformative sectors,” Zemburuka explained.
While the BoN is optimistic about the region’s potential, it is proceeding cautiously. Zemburuka noted that the bank is evaluating the commercial viability and sustainability of these projects before finalising any plans.
“If these developments prove successful, a southern branch could also serve as a dedicated currency distribution centre,” he added. However, he emphasised that the initiative remains in the exploratory phase, with no firm commitments yet.