News Brief
Namibia Set For India's UPI Stack Adoption: NPCI To Support Development Of Instant Payment System In African Nation
Unified Payments Interface (UPI), an instant real-time payment system developed by NPCI. (Representative Image)
The National Payments Corporation of India (NPCI) on Thursday (2 May) said its overseas arm has signed a pact with the Bank of Namibia (BoN) for developing a UPI-like instant payment system for Namibia.
By leveraging technology and experiences from India’s UPI, the partnership seeks to help Namibia modernise its financial ecosystem. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.
NPCI International Payments Limited (NIPL), the international arm of the NPCI, has signed an agreement with the Bank of Namibia (BoN) to support them in developing an instant payment system like Unified Payment Interface (UPI) for Namibia, a statement said.
This strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation.
Through this collaboration, BoN will gain access to bestin-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens, it added.
Once live, the platform will facilitate digital transactions in Namibia, driving financial inclusion and reducing cash dependency by catering to underserved populations.
This collaborative effort seeks to offer essential and affordable financial services to all, with a particular focus on rural and informal sectors, according to the statement.
