NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has joined forces with the Bank of Namibia (BoN) to support them in developing an instant payment system akin to India’s Unified Payment Interface (UPI) in Namibia.
This strategic collaboration signifies a significant leap in strengthening Namibia’s financial infrastructure and fostering inclusive economic development. “By leveraging technology and experiences from India’s UPI, the partnership seeks to help Namibia modernize its financial ecosystem. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability,” NPCI stated in a release.
The partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and merchant payment transactions (P2M) in the African nation. The security features inherent in the UPI platform not only promise to instill confidence among users and stakeholders but also ensure scalability for future technological advancements and market demands.
Through this collaboration, BoN will gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens.
Johannes Gawaxab, Governor of the Bank of Namibia, said, “Our objective is to enhance accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient National Payment System.”
While speaking on the partnership, Ritesh Shukla, CEO of NPCI International, stated, “We are proud to join hands with Bank of Namibia to enable the deployment of UPI-like real-time payments system in Namibia for the Digital Public Good of its citizens.”
“By enabling this technology, the country will gain sovereignty in the digital payments landscape and stand to benefit from enhanced payment interoperability and improved financial access for underserved populations. This will also ensure scalability and adaptability to embrace future technological advancements and market demands, thereby propelling economic prosperity in the region,” he added.
Once operational, the platform will facilitate seamless digital transactions in Namibia, contributing to financial inclusion and reducing dependence on cash, particularly among underserved populations. This collaborative effort underscores a commitment to providing essential and affordable financial services to all segments of society, with a specific focus on rural and informal sectors.
