In a landmark move towards financial inclusion and economic growth, the Bank of Namibia (BoN) has joined forces with NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation of India (NPCI), to develop a real-time instant payment system modeled after the highly successful Unified Payment Interface (UPI).
This strategic partnership signifies a significant leap forward for Namibia’s financial infrastructure. By leveraging the expertise and experience behind India’s ubiquitous UPI platform, the collaboration aims to:
- Boost Financial Inclusion: Enhance accessibility and affordability of financial services for underserved populations, particularly in rural and informal sectors.
- Drive Interoperability: Achieve seamless integration between various payment instruments by 2025, fostering a more connected financial ecosystem.
- Modernize the Financial Landscape: Streamline and secure digital transactions, propelling economic growth and digital entrepreneurship.
- Empower Citizens: Equip Namibians with the tools for instant, secure P2P and P2M transactions, promoting financial well-being.
Building a Robust Digital Payment System
The new system, built on the robust security features of UPI, will offer scalability and adaptability to accommodate future technological advancements and market demands. This central bank-led approach minimizes infrastructure costs for financial institutions, ensuring the long-term sustainability and affordability of the solution for end-users.
NPCI International: Sharing Expertise for Digital Public Good
Ritesh Shukla, CEO of NPCI International, expressed pride in partnering with BoN to bring the benefits of UPI technology to Namibia.
“We are thrilled to contribute to Namibia’s digital public good,” said Mr. Shukla. “This partnership empowers Namibian citizens to transact instantly and gain financial inclusion, while fostering economic prosperity across the region.”
The Road to a Cashless Namibia
With the launch of this innovative platform, Namibia is poised to experience a surge in digital transactions, reduce reliance on cash, and empower all citizens to participate in the digital financial ecosystem. This collaborative effort between BoN and NPCI International paves the way for a more inclusive and prosperous future for Namibia.
