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The Bank of Namibia has enlisted the expertise of NPCI International Payments to aid in the development of an instant payments system inspired by India’s highly successful UPI.
Namibia seeks to leverage the technology and know-how behind India’s UPI to establish real-time peer-to-peer (P2P) and merchant payments. NIPL’s involvement is expected to catalyze the modernization of Namibia’s financial ecosystem, enhancing accessibility, affordability, and connectivity for both domestic and international payment networks.
Since its launch in 2016, India’s UPI has played a pivotal role in the nation’s drive to promote financial inclusion through digital payments, processing well over 100 billion transactions to date.
Established in 2020, NPCI’s international subsidiary aims to promote the adoption of UPI and the RuPay card network beyond India’s borders. Earlier this year, the unit forged a partnership with Nepal’s largest payment network and collaborated with Google Pay to accelerate global expansion efforts.
Johannes Gawaxab, Governor of the Bank of Namibia, affirms, “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 endeavor, 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.”
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