![NIPL & Bank of Namibia inks Pact to Develop UPI-like Payment System for Namibia NIPL & Bank of Namibia inks Pact to Develop UPI-like Payment System for Namibia](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3JFE86C0QTjHXX3hmXcbD6y-ztSA3pf4IF4LLyX7JepSpytcWN-K0IktKaiLMhopYCBNiI7rURcywQgNy2cfCwliFO80wTUXiAYSIvwo58KDRe_G_RCs_ZskEMT7DSHNMs-noYr3WmK1CN6CmqeMUn0-dDNDTtbfrS_32QJ0LcKX0zRUHRdfyHY7DlFcp/w320-h192-rw/Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Untitled%20(500%20%C3%97%20300%20px)%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(12).png)
- The partnership aims to develop an instant payment system similar to India’s Unified Payments Interface (UPI) for Namibia.
- This collaboration is expected to modernize Namibia’s financial ecosystem by improving accessibility, affordability, connectivity with domestic and international payment networks, and interoperability.
- The strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in Namibia.
- Once live, the platform will facilitate digital transactions in Namibia, driving financial inclusion and reducing cash dependency by catering to underserved populations.
- This collaborative effort seeks to offer essential and affordable financial services to all, with a particular focus on rural and informal sectors.
Question:
Q.1 What is the aim of the partnership between NPCI International Payments Limited (NIPL) and Bank of Namibia (BoN)?a. To develop a cryptocurrency for Namibia
b. To develop an instant payment system similar to India’s UPI for Namibia
c. To establish a new bank in Namibia
d. To introduce credit cards in Namibia