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Sao Tome & Principe - Payments System Infrastructure and Financial Inclusion Project - Project Appraisal Report
The Government of São Tomé and Príncipe (STP) has developed a National Financial Sector Development Implementation Plan (FSDIP), with funding from the World Bank. An important pillar of the FSDIP is the need to upgrade existing financial infrastructure, specifically the payment system in order to promote inclusion and economic development. The Payment Infrastructure and Financial Inclusion project (PIFIP) is responding to the need to enhance the capability of the financial sector access a modern payments infrastructure. The payments infrastructure is underdeveloped, lacking the capacity to process safely and efficiently interbank payments, or retail payments, and to process international retail transactions. As a result, interbank payments, as well as retail payments are difficult and costly and the use of cash is widespread. The project aims at promoting financial inclusion in STP, by assisting the authorities to develop a national payments system, improve its oversight, and enhance the legal framework to include all electronic payments and services as well as supporting the preparation of a national financial inclusion strategy.