On Wednesday, the Ministry of External Affairs announced a licensing agreement between India and Namibia for the implementation of the Unified Payments Interface (UPI).
During a press conference regarding Prime Minister Narendra Modi’s visit, Dammu Ravi, Secretary (East), highlighted that Namibia has become the first nation globally to establish a licensing agreement between the National Payment Corporation of India (NPCI) and the Namibian Central Bank for the real-time use of UPI.
He stated, “Namibia is the first country in the world where NPCI-National Payment Corporation 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…”
This partnership will allow Namibia to create a real-time payment system, thereby improving digital financial services and fostering inclusive economic growth.
PM Modi also praised the digital transaction initiatives in Namibia, which promote financial inclusion and decrease dependence on cash by reaching underserved communities.