Bank of Zambia Introduces New Banknotes

The Bank of Zambia has announced the introduction of a new family of currency, which will be launched on March 31, 2025. 

The new currency consists of six banknotes (K500, K200, K100, K50, K20, and K10) and six coins (K5, K2, K1,50N, 10N, and 5N).

The alpha code (ZMW), numeric code (967), and the currency symbol (K) will remain unchanged, as will the value. 

The new series of banknotes draws inspiration from the country’s rich heritage and natural beauty. The new design features the flying African Fish Eagle, six of Zambia’s key waterfalls, and the Big Five animals are illustrated on the K20, K590, K100, and K500 notes.

In a public notice statement, Dr Kalyalya, Governor of the Bank of Zambia, said, “The initiative, which was kick-started by the Board of approval in July 2021, reflects the Bank’s commitment to providing currency that is secure, efficient, user-friendly, and well suited for everyday transactions.” 

He later explained in a press briefing that the new currency would help alleviate issues with the wear and tear of K5 and K2 notes. 

The Minister of Finance and National Planning will soon issue a Statutory Instrument (SI) detailing the procedures for exchanging the old currency for the new. 

The SI will also notify the public of the exchange period and the designated exchange points across the country where they can exchange their old currency for the new currency.

Dr Kalyalya encouraged members of the public to continue using the existing banknotes and coins, which remain legal tender across the nation until the time specified by the Finance Minister’s SI.

The Bank of Zambia Governor also emphasised that while he supports the Go Cashless Initiative, it is essential to cater to all citizens, including those in rural areas where cash is still essential for everyday transactions.