Installed in February 2022, the first bitcoin ATM in Namibia is now fully operational.
More than 200 people have already used the Crypto Kiosk as of July 2022.
Aminah Ndeulita, the marketing manager at Crypto Kiosk Investment, which operates the ATM, indicated that cryptocurrencies have proven to be a useful instrument for frictionless cross-border payments, facilitating fast transactions with low fees.
According to CoinATM Radar, the cryptocurrency machine is installed at Maerua Mall in Windhoek, Namibia, and lets users buy and sell $BTC and $ETH for Namibian dollars.
The facility is only 1 of 27 across the continent with 4 other countries having them installed.
Here is the distribution of crypto ATMs in Africa as of July 2022:
- South Africa – 18
- Nigeria – 2
- Namibia – 2
- Uganda – 1
- Ghana – 1
- Djibouti -1
- Kenya -1
- Zimbabwe – 1
Bitcoin ATMs are machines through which users can liquidate their cryptocurrency into fiat currency or cash directly from their crypto wallets, and turn this into cryptocurrency sent directly to their crypto wallets, Ndeulita says.
“The ATM providers require users to have an existing crypto wallet to transact on the machine, and it looks like a traditional ATM, but does not connect to a bank account. Instead, it connects the user directly to a crypto-exchange or private wallet.”
– Marketing Manager, Crypto ATM, Namibia
To transact through the ATM, users are required to provide:
- Namibian ID
- Postal address
- Selfie
For transactions greater than 5,000 Namibian dollars (about $302), a client is required to submit their residential address and a copy of their ID.
Clients receive receipts as proof of transactions.
“We are optimistic that our company will bring user-friendly and convenient services to more people across the country, as we grow and establish more crypto kiosks nationwide.”
– Marketing Manager, Crypto ATM, Namibia
One of the users who was interviewed by a local publication indicated that “the ATM is very easy to use. We encourage the Bank of Namibia to step up and regulate it.”
