NPCI Partners with Bank of Namibia for UPI-Like Payment System
The National Payments Corporation of India (NPCI) announced that its overseas arm, NPCI International Payments Limited (NIPL), has signed an agreement with the Bank of Namibia (BoN) to develop a Unified Payment Interface (UPI)-like instant payment system for Namibia. This strategic partnership aims to modernize Namibia's financial ecosystem and drive digital inclusion by facilitating real-time person-to-person (P2P) and person-to-merchant (P2M) transactions.
The collaboration leverages NIPL's technology and insights to support BoN in creating a digital payment platform similar to India's UPI. The initiative is expected to enhance accessibility, affordability, and connectivity in Namibia's payment networks, both domestically and internationally. It also seeks to improve financial access for underserved populations and promote full interoperability of payment instruments by 2025.
NPCI International CEO Ritesh Shukla emphasized the significance of the partnership, stating that Namibia will benefit from improved payment interoperability and increased financial access, particularly for underserved communities. Bank of Namibia Governor Johannes Gawaxab echoed this sentiment, highlighting the goal of modernizing the country's financial sector and ensuring a secure and efficient national payment system.
Once operational, the platform will facilitate digital transactions across Namibia, reducing the dependency on cash and promoting financial inclusion, especially in rural and informal sectors. This collaborative effort between NPCI International and the Bank of Namibia is expected to deliver essential and affordable financial services to all Namibians, driving economic growth and development across the nation.
