NPCI International Payments Limited (NIPL), the overseas arm of India’s National Payments Corporation of India (NPCI), has inked a pact with the Bank of Namibia (BoN) to aid in establishing an instant payment system akin to India’s Unified Payment Interface (UPI) for Namibia.
This collaboration marks a significant stride toward fortifying Namibia’s financial infrastructure and fostering inclusive economic advancement. By harnessing India’s UPI technology and expertise, the alliance aims to assist Namibia in modernizing its financial landscape. This encompasses enhancing accessibility, ensuring affordability, bolstering connectivity with domestic and global payment networks, and fostering interoperability.
The strategic partnership endeavors to enrich digital financial services and reinforce real-time person-to-person (P2P) and merchant (P2M) payment transactions in Namibia. The robust security features inherent in the UPI platform not only inspire confidence among users and stakeholders but also promise scalability to accommodate future technological advancements and market needs. Through this collaboration, BoN stands to benefit from NIPL’s advanced technology and insights, facilitating the establishment of a similar platform in Namibia to promote the digital well-being of its populace.
Johannes !Gawaxab, the Honorable Governor of the Bank of Namibia, articulated, “Our objective is to enhance availability and affordability for the underserved, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient national payment system. This endeavor, aligned with the Bank’s NPS 2025 Strategic Plan and Vision and Strategy, adopts a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and accessibility of instant payment solutions to end users. This system aims to connect individuals, businesses, and government entities across Namibia, including facilitating the payment of social grants, to facilitate more efficient economic interactions and support the growth of digital entrepreneurship.”
Reflecting on the partnership, Ritesh Shukla, CEO of NPCI International, remarked, “We are honored to collaborate with the Bank of Namibia in facilitating the deployment of a UPI-like real-time payments system in Namibia for the digital welfare of its citizens. We are enthused by this collaboration, which will empower Namibian citizens to engage in instant transactions, leveraging India’s UPI technology and experiences. By enabling this technology, the country will attain sovereignty in the digital payments landscape and derive benefits from enhanced payment interoperability and improved financial access for vulnerable populations. This should also ensure scalability and adaptability to embrace future technological advancements and market demands, thereby fostering economic prosperity in the region.”
Upon its launch, the platform is anticipated to streamline digital transactions in Namibia, fostering financial inclusion and reducing reliance on cash while catering to underserved communities. This collaborative endeavor endeavors to deliver essential and accessible financial services to all, particularly in rural and informal sectors.
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The original language text of this announcement holds the official authorized status. Translations are provided solely for convenience and should refer to the original language text, which is legally binding.
