NPCI International partners with Bank of Namibia to develop UPI-like payment system in Namibia

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (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.

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 said in a statement.

NPCI International is thrilled to announce its partnership with Bank of Namibia to support them in developing a UPI-like real-time payment system in the African nation.
This marks our first-ever collaboration with a central bank to deploy UPI Stack in an international market.… pic.twitter.com/qoBNsQgiBh

— NPCI (@NPCI_NPCI) May 2, 2024

This partnership aims to enhance digital financial services and support real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation.

Johannes !Gawaxab, Governor of the Bank of Namibia, said, “Our objective is to enhance accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernise the financial sector, and ensure a secure and efficient National Payment System.”

Speaking on the partnership, Ritesh Shukla, CEO of NPCI International, said, “By enabling this technology, the country will gain sovereignty in the digital payments landscape and stand to benefit from enhanced payment interoperability and improved financial access for underserved populations.”

Once live, the platform will facilitate digital transactions in Namibia.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow