NPCI: NPCI signs agreement with Bank of Namibia to develop payment system like UPI, statement issued

NPCI’s overseas branch has signed an agreement with Bank of Namibia (BON) to develop a UPI-like instant payment system for Namibia. The partnership aims to help Namibia modernize its financial ecosystem by leveraging India’s UPI technology and experiences. This includes improving access, affordability and connectivity and interoperability with domestic and international payment systems.

NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia (BON) to assist in developing an instant payment system such as the Unified Payment Interface (UPI) for Namibia, the statement said.

Ritesh Shukla, Chief Executive Officer (CEO), NPCI International, said, “Enabling this technology will give the country sovereignty in the digital payments landscape. “It will benefit from better payments interoperability and improved financial access for disadvantaged populations.”

Bank of Namibia Governor Johannes Gwaxab said, “Our aim is to increase access and affordability for underserved populations. “The aim is to achieve full interoperability of payment instruments by 2025, modernize the financial sector and ensure a secure and efficient national payments system.”