Namibia’s bitcoin ATM is now live

Namibia now has an operational bitcoin Automated Teller Machine (ATM) at Maerua Mall in Windhoek via the Crypto Kiosk. With the Crypto kiosk, this will afford the Namibian residents the ability to convert the two world’s largest cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH) to the Namibian Dollar.

A bitcoin ATM is similar to a regular cash machine. The only difference is that instead of withdrawing cash from a bank account, you can buy and sell bitcoins against local currency cash using these ATMs.

According to Aminah Nauyoma-Ndeulita from Crypto Kiosk Investments, the company behind this development, “Our kiosks allow them to essentially self-bank through a digital wallet on their phone by turning their cash into cryptocurrency, which can be used to transfer money internationally, pay bills, or invest in other cryptocurrency investment channels. 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.”

To use the Crypto Kiosk, users need an existing crypto wallet either with Coinbase, Exodus, etc, or an account with any exchange such as Binance, Altcoin trader and any other trusted exchanges.

After every transaction, clients receive receipts as proof of transaction. In addition, the Crypto Kiosk offers competitive rates which are 70% cheaper, compared to other cryptocurrency ATMs around the world.

“Whenever you visit the Crypto Kiosk and you need assistance, you can call the customer care centre on a mobile number provided on the machine, and we will gladly assist you at any time 24/7. We also have a CCTV at the establishment to make sure we can monitor the safety of our clients at all times. We are always looking forward to serving our clients with the best service there possibly is, especially in this new and emerging cryptocurrency industry,” says Aminah Nauyoma-Ndeulita.

The company says Crypto Kiosk was developed in full compliance with international and national laws to combat every form of financial fraud. 

As part of measures to curtail criminal activities, Crypto Kiosks users will be required to provide selected personal information, including Namibian ID Numbers and postal addresses, before using the service. The user’s selfie will be taken by the machine during every transaction. 

Meanwhile, users transacting above N$5,000 will be required to submit details of their residential address and a copy of their identity document. 

The world’s first Bitcoin ATM opened in Vancouver, Canada in 2013. According to Coinatmradar, there are currently 38,748 bitcoin ATMs worldwide across 82 countries, with 26 in Africa. The highest concentration of Bitcoin ATMs in Africa is in South Africa where there are 18 ATMs. Nigeria launched its first bitcoin ATM in 2020.