Zimbabwe in talks with NPCI International to build UPI‑based real‑time payments system
NEWZA Editorial Team•
⚡ Key Financial Takeaways
Zimbabwe is negotiating with NPCI International to adopt UPI technology for a domestic real‑time payments network.
The Reserve Bank of Zimbabwe hopes to finalise the agreement by Oct 31, according to Governor John Mushayavanhu.
The new system aims to lower transaction costs, enable instant account‑to‑account transfers and support fintech innovation.
If successful, the platform could later be extended to cross‑border payments and improve economic data visibility for the government.
NPCI International has already signed similar UPI‑style agreements with Namibia, Peru and Trinidad & Tobago.
💡 Why It Matters
Adopting UPI technology would give Zimbabwe a modern, low‑cost payments backbone, helping to curb the high cash‑handling costs that still dominate the economy. Faster, cheaper transfers can boost commerce, especially for low‑value transactions that are common among small businesses and consumers. Moreover, the digital trail created by real‑time payments offers the government better insight into economic activity, aiding policy formulation and tax collection.
Zimbabwe seeks UPI‑based real‑time payments infrastructure The Reserve Bank of Zimbabwe (RBZ) has entered discussions with NPCI International Payments Ltd, a subsidiary of India’s National Payments Corporation of India, to adopt the Unified Payments Interface (UPI) technology for a new domestic payments platform. Governor John Mushayavanhu told Bloomberg that the negotiations could be concluded by **Oct 31**.
Expected benefits for the Zimbabwean economy The proposed common infrastructure would link banks, mobile‑money operators, fintech firms and other payment providers, allowing transactions to settle in real time. According to the governor, the system should: - Reduce transaction costs for low‑value payments. - Provide a cheaper alternative to card‑based transfers for consumers and merchants. - Enable banks to offer new services to merchants at lower prices. - Support the creation of innovative financial products by fintech companies. - Improve digitisation of payments, giving the government better data on the activity of small and medium‑sized enterprises.
Potential for future expansion While the immediate rollout focuses on domestic payments, the RBZ indicated that the platform could eventually be extended to handle cross‑border payments and remittances. Such an expansion would further integrate Zimbabwe into regional and global digital‑payment networks.
NPCI International’s growing overseas footprint NPCI International, set up in 2020 to export Indian payment systems, has already signed a similar agreement with the **Bank of Namibia** in May 2024 to develop a UPI‑style real‑time payments system. Agreements have also been reached with **Peru** and **Trinidad & Tobago**. These projects differ from simple UPI acceptance abroad, as they enable each country to build its own national instant‑payment infrastructure rather than merely allowing Indian users to pay overseas.
Global relevance of UPI UPI, launched in 2016 with 21 banks, now includes over 750 banks and processes roughly **24.5 billion transactions** worth **Rs 29.82 lakh crore** in August 2026. It accounts for about **49 % of global real‑time payment volumes** (2025 data) and is operational in 11 countries. India aims to extend UPI to 20 countries by 2028‑29, underscoring the technology’s growing international appeal.
Outlook If the agreement is sealed by the end of October, Zimbabwe could launch its own UPI‑based platform within months, positioning the country alongside other African nations adopting instant‑payment solutions. The move is expected to accelerate financial inclusion, reduce cash reliance and provide the government with richer economic data.
🏛️ Background & Context
African countries are increasingly seeking digital‑payment solutions to lower transaction costs, reduce cash dependence and broaden financial inclusion. NPCI International has positioned itself as a key exporter of India’s UPI framework, already partnering with Namibia, Peru and Trinidad & Tobago to build domestic instant‑payment systems. Zimbabwe’s effort follows this regional trend and aligns with India’s goal of expanding UPI to 20 countries by 2028‑29.
👁️ What To Watch Next
Key developments to monitor include: (1) Confirmation of the agreement by Oct 31 and the timeline for system rollout; (2) Initial pilot results and adoption rates among banks, mobile‑money operators and fintech firms; (3) Any regulatory or technical challenges that could affect implementation; (4) Potential announcements on extending the platform to cross‑border payments and remittances.
