NPCI International Partners with Bank of Namibia for Deploying India’s UPI Stack in Namibia
02 Mayo 2024 - 1:04PM
Business Wire
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.
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Mr. Johannes !Gawaxab, Hon'ble Governor
of the Bank of Namibia (left) and Mr. Ritesh Shukla, CEO, NPCI
International (Photo: Business Wire)
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.
For more details about NPCI International, click
here
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