São Tomé and Principe - Payments System Infrastructure and Financial Inclusion Project


Project Summary

Approval Date 03 Feb 2017
Signature Date 18 Apr 2017
Planned Completion Date 31 Jan 2020
Last Disbursement Planned Date 31 Jan 2020
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 1,500,000
Status Implementation

Project General Description

The Payment System and Financial Inclusion Infrastructure Project (PISPIF) aims to make the financial sector more competitive and expand financial inclusion, through the internationalization of the payment system, securing loans and improving the strategic framework and electronic payment instruments in Sao Tome and Principe. The country will benefit from a fully interoperable card system, linked to international networks to enable the use of Visa and MasterCard. This project will also support institutional capacity building, supporting the restructuring and strengthening of the Central Bank; a service dedicated to the control and supervision of the payment system will also be created, with the support of the "First" initiative of the World Bank. The total cost is estimated at 64.7 billion Sao Tome Dobru, equivalent to US $ 2.87 million.

Project Objectives

The objective of the project is to promote financial sector competitiveness and financial inclusion in Sao Tome and Principe. The specific objectives are the internationalization of the payment system, the improvement of the strategic framework and electronic payment instruments, and the securing of loans.

Beneficiaries

The project targets the entire population of Sao Tome and Principe, with the prospect of greater financial inclusion under the project. The Payment System Management Authority (SPAUT) will receive similar assistance after a diagnostic study of its infrastructure, software used and management.

Participating Organization

Funding
African Development Fund
Implementing
BANQUE NATIONALE SAO TOME ET PRINCIPE

Information

IATI identifier 46002-P-ST-H00-002
Last Update 31 Oct 2019

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Contact Details

Name NDIAYE Mohamed Rachid
Email m.r.ndiaye@afdb.org

Geographic Location

Country Sao Tome and Principe