New notes stuck until ATMs catch up

People will only be able deposit the new issued banknotes at automated teller machines (ATMs) in November, as calibration work across banks continues.

During the repo rate announcement on Wednesday, Bank of Namibia (BoN) governer Johannes !Gawaxab said ATMs that deposit, parking meters and vending machines are not yet calibrated for the new banknotes.

“Calibration is anticipated by end-November, and since its issuance into circulation, the total value of the new currency issued amounts to N$225.9 million,” !Gawaxab said.

The new currency series was launched on 23 July and issued into circulation on 29 September at Mariental in the Hardap region.
!Gawaxab said all commercial banks can dispense the new currency, while integration of cash-handling equipment with the new currency series is 85% complete.

In March, the central bank launched a commemorative N$60 banknote, with two million printed, which can now be deposited at ATMs.

!Gawaxab said only one bank has calibrated its ATMs to dispense the note.

“One of the largest commercial banks has calibrated its ATMs and is now dispensing the new N$60 banknote as of today.

Engagements with other banks are underway to ensure they follow suit in due course,” said !Gawaxab.

Additionally the N$30 banknote, which was launched in 2020, is only accepted at some banks’ ATMs.

FNB Namibia spokesperson Kirsty Watermeyer says the bank has not received any directive on implementing the calibrated ATMs.

FNB has 154 ATMs nationwide that accept deposits.

“We can confirm that BoN has not yet issued a directive, and there is currently no agreement on the implementation date. Although the governor requested yesterday that banks prioritise this matter, no directive specifying a date has been issued,” says Watermeyer.
However, she says FNB is working to expedite the process, as customers’ experience remains top priority.

“We are working closely with vendors and technicians to implement these changes as quickly as possible.

However, the process is complex and requires careful coordination, which means it will take some time to complete,” Watermeyer explains.

She says clients can still use FNB cash plus to deposit, withdraw or pay utility bills, which charges less than an ATM deposit.

Nedbank spokesperson Selma Kaulinge says the impact of ATMs not accepting the new notes will be minimal, as old notes remain in circulation.

However, she says, clients will now need to go into the branch to make their deposits, and might experience longer than usual wait and service times.

“The deposit taking ATMs complement our branch network and offer convenience and accessibility to our clients.

These devices are available 24 hours every day.

In the alternative, clients will need to go into the branch to make their deposits, and might experience longer than usual wait and service times,” Kaulinge says.

Bank Windhoek spokesperson Jacquiline Pack says ATMs across the country are being calibrated to accept and verify the upgraded currency’s enhanced security features.

“This is a standard procedure to ensure the integrity and security of all cash-handling operations,” Pack says.

In the meantime, she says all deposits involving the new notes can be made directly in any branch.

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