India and Namibia collaborate on a payment system similar to UPI
By MYBRANDBOOK
In order to update Namibia's financial environment, NPCI International and the Bank of Namibia worked together to establish a payment system like UPI. The alliance aims to improve financial access and interoperability in Namibia by utilising India's UPI technology. When the platform is up and running, it will make digital transactions easier, encouraging financial inclusion and lowering reliance on cash.
The partnership aims to assist Namibia in modernizing its financial ecosystem by leveraging India's UPI technology and experience. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.
NPCI has announced that their collaboration with BoN aims to enhance digital financial services and facilitate real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in India. This partnership will also enable BoN to access NIPL's advanced technology and insights, which will help create a similar platform in Namibia for the digital welfare of its citizens.
"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," said Johannes Gawaxab, Governor of the Bank of Namibia.
Once operational, the platform will enable digital transactions in Namibia, prompting financial inclusion and reducing cash dependency by catering to underserved populations.
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