NPCI signs UPI tech contract with Bank of Namibia

 

- NPCI International Payments Limited (NIPL) and the Bank of Namibia are collaborating to develop a real-time payment system in Namibia similar to India's Unified Payment Interface (UPI).

- The initiative aims to facilitate instant person-to-person transactions and merchant payments, promoting digital financial inclusion in Namibia.

- The proposed payment system aims to achieve full interoperability among different payment instruments by 2025, modernizing Namibia's financial landscape.

- The new payment system is expected to have a significant impact on various sectors in Namibia, enabling seamless connections between individuals, businesses, and government entities.

- It will be instrumental in distributing social grants and fostering growth in digital entrepreneurship, supporting economic development and financial accessibility across the nation.