Central bank launches instant pay project

Instant pay … The Bank of Namibia recently hosted the industry kick-off for the Instant Payment Programme (IPP), a transformative initiative aimed at enhancing financial inclusion and accessibility across the country. Delegates at the launch event.

The Bank of Namibia (BoN) last week launched the Instant Payment Programme (IPP), aiming to modernise Namibia’s payment infrastructure.

The event included an overview of the programme, solution insights and strategic objectives.

The IPP is a transformative initiative aimed at enhancing financial inclusion and accessibility across the country.

IPP officer in charge at the BoN Marsorry Ickua says the Instant Payment Programme is designed to be accessible on any device, including non-smartphones.

He says this would ensure that everyone, including vendors, taxi drivers, pensioners and small business owners can use the programme

Namclear is the authorised payment system operator, which will partner with the special purpose vehicle (SPV) for the IPP for the long-term operation of its Instant Payment Solution (IPS).

The National Payments Corporation of India International will develop the IPP.

The Payment Association of Namibia is mandated to act in the best interest of the Namibian National Payments System by providing its menbers with a collaborative platform.

PwC will serve as the industry programme management office, with extensive experience in leading payment transformation programmes.

The project also wants to reach underserved populations, achieving full interoperability of payment instruments by 2025.
This would modernise the financial sector and elevate cross-border payment efficiencies.

The IPP is also aligned with national strategies, such as the National Development Plans and the National Payment System Vision and Strategy 2025.

Ickua emphasises the importance of a collaborative effort in achieving the programme’s goals.

“Our collective journey is to spur financial inclusion across Namibia, ensuring everyone can transact digitally and electronically – regardless of where they live,” he says.

It would take roughly 16 months to implement the IPP.

This structured plan covers programme governance, stakeholder engagement and building and deployment phases.

The goal is to transform Namibia’s financial landscape and to promote economic growth and prosperity.

The BoN also wants to advance progress and foster innovation in the financial sector.

Core benefits include financial inclusion targeting the informal economy and rural sectors, ensuring access to financial services for all, while addressing challenges associated with high fees and charges, Ickua says.

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