NPCI signs agreement with Bank of Namibia for UPI-like payment system in African countries – Firstpost

NPCI said on Thursday that its overseas branches have signed an agreement with the Bank of Namibia (BoN) to develop a UPI-like instant payments system for Namibia.

By leveraging India’s UPI technology and experience, the partnership aims to help Namibia modernize its financial ecosystem.

This includes improving the accessibility, affordability and connectivity and interoperability of domestic and international payment networks.

“NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia (BoN) to support their development of instant payment systems such as the Namibia Unified Payments Interface (UPI),” a statement said.

“This strategic partnership aims to enhance digital financial services in African countries and support real-time person-to-person (P2P) and merchant payment transactions (P2M).
Through this partnership, BoN will have access to NIPL’s best-in-class technology and insights, enabling it to create a similar platform in Namibia to promote the digital well-being of its citizens.

“By enabling this technology, the country will gain sovereignty in the digital payments space and benefit from enhanced payments interoperability and improved financial services for the underserved,” said Ritesh Shukla, CEO, NPCI International.

Johannes Gawaxab, Governor of the Bank of Namibia, said: “Our ambition is to improve access and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector and ensure a safe and efficient national payments system.

Once launched, the platform will facilitate digital transactions in Namibia, drive financial inclusion and reduce cash dependence by reaching underserved populations. This collaboration aims to provide basic and affordable financial services to all, with a special focus on rural and informal sectors.

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