Story Highlights
- Namibia to adopt a real-time payment system based on India’s UPI model. This partnership with NPCI International will modernize Namibia’s financial infrastructure.
- Focus on financial inclusion: The new system aims to improve accessibility, affordability, and security of digital transactions, benefiting underserved communities.
- Boost for businesses and government: The system will enable efficient P2P and P2M transactions, along with facilitating government functionalities like social grant payments.
- Driving digital transformation: This initiative positions Namibia for future growth by creating a scalable payment system adaptable to evolving technologies.
Namibia’s financial sector is set for a transformation as the Bank of Namibia (BoN) joins hands with NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation of India (NPCI). This collaboration aims to develop a real-time payment system in Namibia, modeled after India’s highly successful Unified Payments Interface (UPI). This strategic partnership signifies a leap forward for Namibia’s financial infrastructure, fostering inclusive economic growth.
Building a Modern and Inclusive Financial Ecosystem
The new system, inspired by UPI, will focus on improving accessibility, affordability, and interoperability within Namibia’s financial landscape. Users can expect secure and efficient real-time person-to-person (P2P) and merchant payments (P2M). The robust security features inherent to UPI will not only instill user confidence but also ensure the system’s scalability to accommodate future technological advancements and market demands.
This partnership between NIPL and BoN has the potential to revolutionize Namibia’s financial landscape. The new system will connect individuals, businesses, and even government entities, facilitating functionalities like social grant disbursements. This will ultimately lead to smoother economic interactions and empower the growth of digital entrepreneurship, especially in underserved communities.
Speaking on the partnership, Mr. Ritesh Shukla, CEO of NPCI International, emphasized the potential to create a “Digital Public Good” for Namibian citizens. By leveraging India’s UPI experience, Namibia can achieve financial sovereignty and offer improved financial access to its population. This initiative will ensure the payment system’s adaptability to future technological changes and market demands, propelling economic prosperity in the region.
The upcoming platform will empower digital transactions across Namibia, driving financial inclusion and reducing cash dependence, particularly among underserved populations. This collaborative effort aims to provide essential and affordable financial services to all, with a specific focus on empowering the rural and informal sectors.
