The Bank of Namibia has set a June 2026 deadline to roll out its national instant payment system, a platform designed to facilitate real-time digital transfers and expand access to financial services across the country. This move is part of the central bank's broader strategy to modernise Namibia's financial infrastructure and deepen financial inclusion, as outlined in its 2025 to 2027 strategic plan and the Payment System Management Act of 2023.
Although 78% of Namibians have access to a bank account, many still rely heavily on cash, limiting the speed and affordability of transactions, particularly for rural residents and small businesses. The instant payment system is designed to address these challenges by enabling digital transfers that occur immediately, regardless of the time of day or financial institution involved, using widely available devices such as mobile phones.
Central Bank governor Ebson Uanguta said the bank has made significant progress in developing the instant payment solution, with several participants having completed system integration and user acceptance testing. At launch, the platform is expected to support multiple use cases, including Government-to-Person payments, person-to-person transfers, and payments between individuals and businesses.
The Ministry of Finance views the initiative as a crucial step towards reducing transaction costs and improving access to financial services, which is essential for addressing inequality and promoting broader economic participation. Executive Director Oscar Capelao noted that expanding access to financial services is critical to reducing inequality, saying, "We cannot speak of reducing inequality if we are not tackling financial inclusion and access to banking products."
