Staff Reporter
Instant Payments Namibia has welcomed support from finance minister Ericah Shafudah for the country’s new e-money rapid payment system.
During her 2026/27 budget speech in the National Assembly, Shafudah reaffirmed the government’s backing for the Instant Payment Solution, Namibia’s first national fast payment platform.
The system aims to modernise payments and expand access to financial services.
The Ministry of Finance, the Bank of Namibia and payment service providers have worked on the project since its launch in 2024.
The programme focuses on improving financial inclusion through regulatory measures and a secure instant payment platform.
In her budget address, Shafudah announced that social grants now paid in cash will gradually move to the Instant Payment Solution.
Over time, cash payouts will fall away as beneficiaries shift to digital channels.
Bank of Namibia governor Ebson Uanguta confirmed that integration testing between the new system and participating banks’ core systems has been completed. User acceptance testing is under way.
Pilot programmes for beneficiaries who already have bank accounts are expected to start in the coming weeks.
Institutions taking part in the first government-to-person phase include Bank Windhoek, Letshego Bank Namibia, NamPost and the Bank of Namibia’s currency and banking operations department.
The next phase will focus on pensioners and other beneficiaries who still receive grants in cash. Once the rollout is complete, beneficiaries will register for the Instant Payment Solution through a participating institution of their choice.
Pensioners and other beneficiaries will access funds instantly from anywhere in the country. The system will reduce travel and long queues at payout points.
The Instant Payment Solution will also support person-to-person payments, business-to-person transactions and e-wallet interoperability. These features will roll out in phases over the next 18 months.
To support the shift, the Bank of Namibia plans a national digital literacy campaign. The campaign will include roadshows and stakeholder engagements to help citizens understand and use the system.
Shafudah said that while Namibia has high levels of financial inclusion, many rural residents and people in the informal economy remain underserved.
She said the Instant Payment Solution aims to close this gap, widen access to financial services and support economic participation.
The Instant Payment Solution is administered by Instant Payments Namibia, a subsidiary of the Bank of Namibia.
Caption
Instant Payments Namibia has welcomed support from Finance Minister Erica Shafudah for the e-money fast payment system.
- Photo: Bank of Namibia
