Stories
Zimbabwe Explores India's UPI Technology to Build National Payments Network
C
CNBC TV18•06-10-2026, 14:17
Zimbabwe Explores India's UPI Technology to Build National Payments Network
- •Zimbabwe is in discussions with NPCI International Payments Ltd to utilize India's UPI technology for developing a real-time national payments network, with talks potentially concluding by October 31.
- •The proposed shared infrastructure aims to connect banks, mobile-money operators, and fintech companies to process transactions in real time, reducing costs and speeding up money movement.
- •Reserve Bank of Zimbabwe Governor John Mushayavanhu noted the platform could provide alternatives to card payments and improve economic data collection from small and medium-sized enterprises.
- •While the initial focus is on domestic payments, the infrastructure could eventually be expanded to support cross-border transactions and remittances.
- •This initiative follows similar agreements signed by NPCI International with countries like Namibia, Peru, and Trinidad and Tobago to export UPI-based domestic payment systems.
Key Questions Answered
Zimbabwe is exploring the use of technology underlying India's Unified Payments Interface (UPI) to develop a real-time domestic national payments network, rather than simply enabling Indian travelers to make UPI payments. The proposed infrastructure aims to connect banks, mobile-money operators, and fintech companies to lower transaction costs and speed up money movement.
Discussions between Zimbabwe's central bank and NPCI International Payments Ltd regarding the adoption of UPI-based technology could potentially conclude by October 31.
NPCI International signed an agreement with the Bank of Namibia in May 2024 to support the development of a real-time payments system based on UPI technology.
