The Bank of Namibia (BoN) says its instant payment system will go live in September 2025, enabling real-time transfers between bank accounts, wallets and other financial platforms.
Governor of the Central Bank, Johannes !Gawaxab said the system will allow 24/7 instant transactions, enhancing the speed and efficiency of financial services across the country.
“That’s why we’re introducing fast payments, also known as instant payments, which will enable real-time fund transfers 24/7. This system is set to go live in Namibia in September 2025.We’re working hard to meet the growing demand for a fast payment system in the country. Once implemented, it will allow recipients to receive funds almost instantly, significantly improving financial efficiency, convenience, and inclusion,” he said, while delivering a public lecture on Tuesday.
The new payment system aims to boost financial inclusion, offering seamless wallet-to-wallet, wallet-to-bank and bank-to-wallet transfers.
By making real-time transactions accessible to all, BoN seeks to democratise financial services, encouraging competition between fintech startups and traditional banks.
“Our goal is to democratise technology. If you’re a fintech, entrepreneur, or tech-savvy individual looking to develop an app, you’ll have the opportunity to compete with banks in the country starting from September next year,” he said.
He further explained that the bank intends to keep costs low and ensure the platform is interoperable, allowing fintech innovators and entrepreneurs to plug into the system, providing a level playing field for all participants in the financial market.
“The Bank of Namibia will invest in this system to keep costs as low as possible. Once we’ve achieved our objectives in five to seven years, we’ll hand it over to the industry to manage. For now, it will remain a public good, with a focus on including rural and informal sectors across Namibia,” he said.
Namibia will join over 70 countries already implementing or exploring fast payment systems.
The National Payments Corporation of India International was selected to develop the Instant Payment Programme, leveraging its international success to deliver cost-effective and secure payment services.
BoN’s initiative is expected to transform the financial services landscape, offering enhanced cross-border payments, boosting trade and fostering greater financial inclusion.
