By CIO Insider Team
 

A licensing agreement between Namibia and India for the implementation of UPI (Unified Payments Interface) was confirmed by the Ministry of External Affairs.

“Namibia has become the first country in the world where the National Payment Corporation of India (NPCI) and the Namibian Central Bank have entered into a licencing agreement for the usage of UPI in Namibia in real-time payments,” says Dammu Ravi, Secretary (East), during the press conference on Prime Minister Narendra Modi’s visit.

Dammu Ravi says, "Namibia is the first country in the world where NPCI-National Payment Cooperation of India and the Namibian Central Bank have entered into a licensing agreement for the deployment of the UPI in Namibia for real-time payments. This is a significant development. We believe that this will open up new avenues for cooperation in the digital space between our two countries."

By utilizing India's Unified Payment Interface (UPI) technology and experience, NPCI International Payments Limited (NIPL) and the Bank of Namibia (BoN) hope to modernize Namibia's financial infrastructure.

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Through this partnership, Namibia will be able to create a real-time payment system, improving digital financial services and encouraging growth in the economy that is inclusive.

Additionally, PM Modi praised Namibia's digital transactions, which benefit marginalized populations and promote financial inclusion by lowering dependency on cash.

[CIOS_QUOTES_REPLACEHe declared in front of the Namibian Parliament, "People will be able to send money more quickly than it takes to say 'Tangi Unene.'" "A shopkeeper in 'Katutura' or a Himba grandmother in Kunene will soon be able to go digital with a single tap more quickly than a 'Springbok'."

The National Payments Corporation of India (NPCI) created the Unified Payments Interface (UPI), a real-time payment system. The Reserve Bank of India (RBI) and the Indian Banks' Association are the driving forces behind NPCI.

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This is the first time that NPCI International and a central bank are working together to implement the UPI Stack in a foreign jurisdiction.