NPCI, Namibian Central Bank enter licensing agreement to develop a UPI-like instant payment system: MEA
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The Ministry of External Affairs on Wednesday confirmed a licensing agreement between India and Namibia for the deployment of UPI (Unified Payments Interface).During the press conference on Prime Minister Narendra Modi's visit, Dammu Ravi, Secretary (East) noted that 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 He said, "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..."The partnership between NPCI International Payments Limited (NIPL) and the Bank of Namibia (BoN) aims to modernise Namibia's financial infrastructure by leveraging India's Unified Payment Interface (UPI) technology and expertise.This collaboration will enable Namibia to develop a real-time payment system, enhancing digital financial services and promoting inclusive economic growth.PM Modi also lauded the digital transactions in Namibia, which foster financial inclusion and reduce reliance on cash by serving underserved communities.While addressing the Namibian Parliament, he said, "People will be able to send money faster than one can say 'Tangi Unene.' Soon, a Himba grandmother in Kunene, or a shopkeeper in 'Katutura', will be able to go digital with just a tap faster than a 'Springbok'."The Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association.This is the first time NPCI International is partnering with a central bank to deploy the UPI Stack in another country.He also highlighted the several interactions that PM Modi held in Namibia.Dammu Ravi also stated that PM Modi held a one-on-one discussion with the President Netumbo Nandi-Ndaitwah and participated in delegation-level talks. He also paid homage to the founding father of Namibia and the first President of Namibia, Dr Sam Nujoma.PM Modi received the Order of the Most Ancient Welwitschia Mirabilis, which is the highest civilian award of Namibia. The award was established in 1995, shortly after Namibia gained independence in 1990, to recognise distinguished service and leadership.Named after the Welwitschia Mirabilis, a unique and ancient desert plant endemic to Namibia, the order symbolises resilience, longevity and the enduring spirit of the Namibian people.This makes it the 27th award for PM Modi and the 4th award in this ongoing tour."This visit assumes importance in more than one way. This is a visit taking place after 27 years by the Prime Minister of India. This is also a time when the President of Namibia has just assumed her office in March after a landslide victory, which means there will be continuity in our relationship. It will further facilitate deepening in our relationship," said the MEA secretary (East).PM Modi arrived in Namibia after concluding his two-day State visit to Brazil, where he attended the 17th BRICS Summit in Rio de Janeiro and held bilateral talks with President Luiz Inacio Lula da Silva in Brasilia.Namibia is the final stop in the Prime Minister's five-nation tour, which also included visits to Ghana, Trinidad and Tobago, Argentina, and Brazil.
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