Introduction: NPCI International, the international subsidiary of the National Payments Corporation of India (NPCI), has forged a significant partnership with the Bank of Namibia (BoN). The collaboration aims to introduce India’s successful Unified Payment Interface (UPI) system to Namibia, marking a pivotal moment in the evolution of Namibia’s financial infrastructure.
Detailed Analysis: The agreement between NPCI International and the Bank of Namibia signifies a strategic endeavor towards enhancing Namibia’s financial ecosystem. By leveraging India’s UPI technology and expertise, the partnership intends to revolutionize the country’s payment landscape, making it more accessible, affordable, and interconnected.
Namibia stands to benefit significantly from the adoption of the UPI platform. Not only will it modernize the nation’s financial infrastructure, but it will also facilitate real-time Person-to-Person (P2P) and Merchant payment transactions (P2M), driving economic growth and inclusivity. The inherent security features of the UPI system promise to ensure the safety and scalability of Namibia’s digital payment environment, instilling confidence among users and stakeholders alike.
Mr. Johannes !Gawaxab, the Hon’ble Governor of the Bank of Namibia, emphasized the strategic importance of the collaboration in advancing Namibia’s financial objectives. By aligning with the Bank’s Strategic Plan and NPS Vision and Strategy 2025, the partnership aims to achieve full interoperability of payment instruments, modernize the financial sector, and promote secure and efficient national payment systems. The initiative is expected to connect individuals, businesses, and government entities across Namibia, facilitating more efficient economic interactions and supporting the growth of digital entrepreneurship.
Mr. Ritesh Shukla, CEO of NPCI International, expressed pride in the partnership and highlighted its potential to empower Namibian citizens through digital payments. The deployment of UPI-like real-time payment systems in Namibia is envisioned as a catalyst for economic prosperity, offering enhanced payment interoperability, improved financial access for underserved populations, and readiness for future technological advancements.
NPCI
INTERNATIONAL
NPCI International Partners with Bank of Namibia for Deploying
India’s UPI Stack in Namibia
Mumbai, 2 May 2024: 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.
This collaboration marks a strategic leap towards strengthening Namibia’s financial infrastructure and fostering inclusive economic growth. By leveraging technology and experiences from India’s UPI, the partnership seeks to help Namibia modernize its financial ecosystem. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.
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. The robust security features inherent in the UPI platform not only promise to instil confidence among users and stakeholders but also ensure scalability for future technological advancements and market demands. Through this collaboration, BoN will gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens.
Mr. Johannes !Gawaxab, Hon’ble 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, modernize the financial sector, and ensure a secure and efficient National Payment System. This endeavour, aligned with the Bank’s Strategic Plan and NPS Vision and Strategy 2025, deliberately employs a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users. This system aims to connect individuals, businesses, and government entities across Namibia, including the payment of social grants, enabling more efficient economic interactions and supporting the growth of digital entrepreneurship.”
Speaking on partnership, Mr. Ritesh Shukla, CEO, NPCI International said, “We are proud to join hands with Bank of Namibia to enable the deployment of UPI-like real-time payments system in Namibia for the Digital Public Good of its citizens. We are excited about this partnership, which will enable Namibian citizens to transact instantly leveraging technology and experiences from India’s UPI. 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. This will also ensure scalability and adaptability to embrace future technological advancements and market demands, thereby propelling economic prosperity in the region.”
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.
