April 4

Sao Tome and Principe: African Development Bank Signs $3.2 Million Loan Agreement for Upgrade of National Switch Payment System

The African Development Bank Group and the government of Sao Tome and Principe have signed a $3.2 million loan agreement to upgrade the country’s National Switch payment system that supports the clearing and settlement of country wide high-value and retail payments.

The upgrade will allow for automatic Real Time Gross Settlement (RTGS) modules and Automated Clearing House functionalities which strengthen the clearing and settlement of payments.

photo courtesy of indicpeace.

Source: African Development Bank Group (link opens in a new window)

Finance, Technology
digital payments, public-private partnerships, SDGs