On March 31, 2025, Zambia marked a significant milestone in its currency history with the launch of the new currency family, the "Heritage Series," at the Mulungushi International Conference Centre.

Background and Legal Foundation

• Legal Basis for Currency Issuance: The issuance of currency is a core function of the Bank of Zambia, enshrined in the Constitution and the Bank of Zambia Act, 2022. The legal basis includes Article 213 (2)(a) of the Constitution of Zambia (Amendment) Act, 2016, and Section 17 (1) of the Bank of Zambia Act, 2022.

• Rationale for the New Currency: The new currency features a modern design, enhanced security features to combat counterfeiting, and the introduction of higher-value banknotes (K500 and K200) for convenience in daily transactions. It also redefines the boundary between notes and coins, introducing durable substrates for low-value notes (K20 and K10).

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Design and Security Features

• Design Theme: The "Heritage Series" highlights Zambia's unique flora and fauna. The front side of each banknote depicts the flying African Fish Eagle with key economic sectors in the background, adorned with endemic flowers. The reverse side features one of Zambia's waterfalls, along with endemic animals and trees.

• Security Features: The new currency includes advanced anti-counterfeiting features such as watermarks, security threads, and color-shifting elements. The notes and coins are designed with different sizes to assist the visually impaired. All banknotes and coins incorporate the National Coat of Arms, symbolizing "One Zambia, One Nation."

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Implementation and Transition Plan

• Circulation of New Currency: From March 31, 2025, the new banknotes and K5, K2, and K1 coins will circulate alongside existing K1, 50N, 10N, and 5N coins as legal tender. Existing banknotes will continue to circulate until March 31, 2026, ensuring a smooth transition.

• Public Awareness Campaign: In February 2025, the Bank launched a nationwide campaign to educate the public about the new currency's features and exchange process. The campaign reached all 116 districts, including chiefdoms.

• Addressing Challenges: To counter misinformation regarding mobile money account withdrawals, the Bank is collaborating with mobile money operators to alert customers to fraudulent messages.

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Conclusion

Today, Zambia takes a significant step toward modernizing its currency. The Bank is committed to providing a secure and efficient currency to support economic activity. It will continue to monitor the circulation and adoption of the new currency, ensuring a smooth transition, and work with law enforcement to protect the public from fraudulent activities during the exchange period. We urge all users to handle the new currency with care to prolong its lifespan.