As the acceptance and adoption of blockchain technology continues to spread across Africa and the world, the first crypto ATM in Namibia, a Southern African country, has been launched.
According to a report by AllAfrica, the crypto ATM, dubbed the Crypto Kiosk, was launched at Maerua Mall in Windhoek, Namibia.
With the newly launched Crypto Kiosk, Namibian residents will be able to convert the two world’s largest cryptocurrencies – Bitcoin and Ethereum to the Namibian Dollar.
Also, the crypto ATM users can purchase the two digital assets using the country’s fiat, per the AllAfrica report.
According to Aminah Nauyoma-Ndeulita, a representative from Crypto Kiosk Investment:
“Our kiosks allow them to essentially self-bank through the 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.”
Users will need to own a digital currency wallet before using Crypto Kiosk. Some of the supported crypto wallets include Coinbase, Exodus, Binance, or any trusted wallet exchange wallet.
Crypto Kiosk safety measures
The report states that Crypto Kiosk is developed in full compliance with international and national laws to prevent all forms of financial fraud.
The crypto ATM users will be mandated to provide certain personal information like Namibian ID Numbers and postal addresses in order to use the service.
Also, users’ selfies will be taken by the machine during every transaction, all as part of the measures to curtain forms of criminal acts.
Also, users making a transaction above N$5,000 will be required to submit details of their residential address and a copy of their identity document.
Aminah Nauyoma-Ndeulita said Crypto Kiosk Investments had installed CCTV at the location for security and safety purposes:
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.
Crypto ATMs in Africa
The first crypto ATM was installed in 2013 in Canada, and the numbers have increased tremendously.
According to data from CoinATMRadar, there are 38,748 bitcoin ATMs worldwide spread across 82 countries.
A recent report also said 880 machines were added during the first 10 days of June 2022 alone.
However, Africa seems to be lagging in that sector. The country with the highest crypto ATM installation is South Africa, with 18.
That figure isn’t impressive compared to the United States, Canada, Spain and El Salvador, which have 34514, 2537, 245 and 212 bitcoin ATMs, respectively. But, it may be the regulations and bans causing the drawback.
Other notable African countries with crypto ATMs are Nigeria(2), Uganda(1), Ghana(1), Kenya(1), Zimbabwe(1) and the newly installed Namibia.
The launch of Crypto Kiosk in Namibia offers opportunities for those with limited access to traditional financial services, such as online banking, and would further boost the acceptance and adoption of cryptocurrency in the Southern African country.