BoN Launches Instant Payment Project

The Bank of Namibia today officially launched the Instant Payment Project, a pioneering initiative set to revolutionise financial services across Namibia. With a targeted official launch year of 2025, the project aims to significantly broaden financial inclusion by providing essential and affordable financial services to all whilst focusing on the rural and informal sectors which face logistical and financial challenges in accessing conventional banking services.

In 2023, the Bank of Namibia embarked on an exploratory journey to identify solutions that could be adapted to the Namibian context to foster the uptake of affordable, fast, and efficient payment services. This exploration was a part of the Bank’s 2022 – 2024 Strategic Plan, focusing specifically on enhancing financial services in rural areas and the informal sector, thereby reducing cash dependency, and increasing transactional efficiency.

The Instant Payment Project aims to introduce an Instant Payment Solution that is efficient, and instantly accessible. Designed for inclusivity, the platform can be accessed on any device, including non-smartphones, ensuring that everyone, from vendors and taxi drivers to pensioners and small business owners, can use it effortlessly. This innovation is particularly beneficial for those who may not have access to sophisticated banking services or the financial means to handle traditional banking fees.