NPCI and Bank of Namibia Agreement

On May 3, 2024, NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), signed a landmark agreement with the Bank of Namibia to develop a real-time payment system in Namibia, modeled after India’s Unified Payment Interface (UPI). This initiative aims to modernize Namibia’s financial landscape by introducing a system that enables instant person-to-person and merchant transactions, thereby promoting digital financial inclusion. The collaboration will focus on making financial services more accessible and affordable, especially to underserved populations, with full interoperability of payment instruments expected by 2025. This strategic move is set to enhance the digital transactions ecosystem in Namibia, support economic growth, and reduce cash dependency by leveraging advanced technology and experience from India’s successful UPI framework.