The Bank of Namibia has engaged NPCI International Payments to assist in developing an instant payments system modeled after India’s highly successful UPI.
Namibia will leverage the technology and expertise of India’s UPI to create real-time peer-to-peer and merchant payment solutions. NIPL emphasizes that this collaboration will modernize Namibia’s financial ecosystem, enhancing accessibility, affordability, and connectivity for both domestic and international payment networks.
Launched in 2016, the UPI has played a pivotal role in India’s initiative to increase financial inclusion through digital payments, processing over 100 billion transactions to date. NPCI’s international subsidiary, established in 2020, focuses on expanding the UPI and RuPay card network beyond India’s borders. Earlier this year, it partnered with Nepal’s largest payment network and collaborated with Google Pay to facilitate global growth.
Johannes Gawaxab, governor of the Bank of Namibia, stated: “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 initiative, in line with the Bank’s Strategic Plan and NPS Vision and Strategy 2025, utilizes a central bank-led approach to minimize infrastructure costs for financial institutions, ensuring sustainable and affordable instant payment solutions for end users. This system aims to connect individuals, businesses, and government entities throughout Namibia, including facilitating social grant payments, thereby enabling more efficient economic interactions and promoting the growth of digital entrepreneurship.”