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News

NPCI International partners with Bank of Namibia

Monday 6 May 2024 13:26 CET | News

NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia to support them in developing a UPI stack in Namibia. 

According to the announcement, this collaboration is aimed towards strengthening Namibia’s financial infrastructure and fostering inclusive economic growth. By utilising the technology and insights from India's UPI system, this collaboration aims to assist Namibia in improving its financial landscape. The objectives encompass enhancing accessibility, affordability, and connectivity within both domestic and international payment networks and interoperability.

NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia to support them in developing a UPI stack in Namibia.

Strengthening underserved communities through digital payment solutions 

This strategic partnership aims to enhance digital financial services and strengthen real-time P2P and merchant payment transactions in the nation. The security features 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, Bank of Namibia will gain access to technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens. 

Officials from the bank commented that the objective is to enhance accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernise the financial sector, and ensure a secure and efficient National Payment System. This plan employs a central bank-led approach to minimise infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users. Furthermore, 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. 

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. 

Source: Link


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Keywords: digital payments, financial inclusion, unbanked, UPI, payments
Categories: Payments & Commerce
Companies: NPCI
Countries: Namibia
This article is part of category

Payments & Commerce

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NPCI

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