NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has partnered with the Bank of Namibia (BoN). This collaboration is aimed at developing an instant payment system in Namibia, similar to India's Unified Payment Interface (UPI). The agreement is a significant step towards enhancing Namibia's financial infrastructure and promoting inclusive economic growth.
The partnership will leverage the technology and experience gained from India's UPI to improve accessibility, affordability, and interoperability within Namibia's financial ecosystem. It's also expected to bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in Namibia, a country in Southwest Africa.
This strategic move is aligned with the Bank of Namibia's goals to modernize the financial sector, ensure a secure and efficient National Payment System, and achieve full interoperability of payment instruments by 2025. It's particularly focused on enhancing financial access for underserved populations and supporting the growth of digital Entrepreneurship.
The robust security features of the UPI platform are anticipated to instill confidence among users and stakeholders, ensuring scalability for future technological advancements and market demands. This initiative is expected to connect individuals, businesses, and government entities across Namibia, facilitating more efficient economic interactions.
Mr. Johannes !Gawaxab, Hon'ble 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. This endeavour, aligned with the Bank's Strategic Plan and NPS Vision and Strategy 2025, deliberately employs a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users. This system aims to connect individuals, businesses, and government entities across Namibia, including the payment of social grants, enabling more efficient economic interactions and supporting the growth of digital entrepreneurship.”
Speaking on partnership, Mr. Ritesh Shukla, CEO, NPCI International said, “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. We are excited about this partnership, which will enable Namibian citizens to transact instantly leveraging technology and experiences from India's UPI. 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.”
Several countries are adopting India's Unified Payments Interface (UPI) technology which include Bhutan, Malaysia, Nepal, Sri Lanka, United Kingdom, Netherlands, Belgium, Luxembourg, and Switzerland (Europe), Oman, and United Arab Emirates (UAE).
These partnerships reflect the growing global interest in UPI's efficient and secure payment system, which has revolutionized digital payments in India and is now finding momentum in international markets.
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