Banco de Cabo Verde
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A Payment System is a set of procedures, rules, instruments, institutions and information and communication systems that enable the transfer of funds between economic agents.

With that in mind, the role of the Payment System has taken on increasing importance in terms of central banks, insofar as with the advent of new information technologies, the architecture of these systems has had a growing impact on the efficiency of monetary policy implementation and the operation of financial institutions.

Thus, major payment system reforms have been undertaken at the international level, with the aim of reducing typical financial risks, such as credit, liquidity and systemic risks, on the one hand, and minimizing the float between the contracting and settlement of payments, on the other hand, in order to maximize non-cash payment instruments.

In Cape Verde, the Payment System has experienced gradual development in recent years, driven by strong investment in technological innovation, especially in the IT and telecommunications sphere, as well as in the field related to the control of risks associated with payment systems.
Through Article 19 of Organic Law No. 10/VI/2002, of July 15, Cape Verde’s Central Bank (BCV) made a qualitative leap by establishing that "it (the Bank) is responsible for directly ensuring or regulating, overseeing and promoting the smooth operation of clearing and payment systems.” With this measure, BCV followed the global trend of erecting the payment system as an essential element in the financial infrastructure and a necessary condition to achieve efficiency and effectiveness in economic management, via monetary policy.


 Chronology of the payment system in Cape Verde



  • Banking system reform is initiated with the publication of Decree-Law No. 52-E-90, which allowed the private sector to enter into the banking and credit industries.


  • A two-tier banking system is created and the commercial and development aspects  are no longer part of Banco de Cabo Verde’s duties. (July)


    Once the legal framework is defined by the Government, the 1st Clearing house, which is integrated in the structure of Banco de Cabo Verde, starts operating, in March 1995.


  • A new Organic Law is passed assigning BCV the mission of “directly ensuring or regulating, overseeing and promoting the smooth operation of clearing system and payment systems.” (July)
    Through Decree-Law No. 10/96, of February 26, the Treasury introduces new payment instruments for public expenditure, with characteristics similar to those used by credit institutions, including cheques drawn on the Treasury and transfers.


  • Payment System Development Plan is approved. (May)Interbank Committee and Payment System (Portuguese acronym: CISP) is established. (June)


  • Cape Verde joins SWIFT (Society for Worldwide Interbank Financial Telecommunication).


  • Interbank Company and Payment Systems (Portuguese acronym: SISP) is created as a non-banking institution. It is responsible for managing activities related to the development and use of means of payment and payment instruments in Cape Verde, particularly issue, management and control of credit cards and provision of services related to electronic payments. (September)
    Regional Centers for physical exchange of documents are created on the islands of São Vicente and Sal


  • Integrated Interbank Clearing and Settlement System (Portuguese acronym: SICIL) is created, through Technical Instruction No. 102, of 03/30/01, to adapt the existing legal framework of the Clearing House to a new economic reality, as a result of technological changes with the emergence of new payment instruments.


  • Cape Verde joins Visa International through SISP and credit institutions.
    Technical Instructions regulating International Bank Account Number (IBAN) is published. (March)


  • Visa cards are accepted in "Vinti4" (ATM network).
    Coordination Committee for Payment System Development (Portuguese acronym: CCSP) is established to replace CISP.
    Technical Instruction regulating Bank Identifier Code (BIC) is published. (April)


  • Technical Instruction regulating the Vinti4 Network’s Incident Report Office is published.


  • Banco Cabo-verdiano de Negócios (BCN) and Banco Insular-IFI start operating as members and users of the SWIFT network. (January)
    Physical Exchange Centers are created in Ribeira Grande and Assomada. (March)
    Circular is issued announcing new check return codes in the Electronic Check Clearing System for Check and Related Documents. ( April)
    Rule that regulates the opening and operation of demand deposit accounts at Banco de Cabo Verde is published. (June)
    Validation tests are performed on Electronic Clearing System for check and Related Documents at Banco de Cabo Verde. (September)
    Electronic Check Clearing System is installed at SISP. (September)
    Rules regarding Electronic Clearing System for Check and Related Documents are published, through Technical Instructions. (December)
    Tests are performed at Banco de Cabo Verde as part of the Deposit and Settlement Management System, to gauge the effectiveness of the first phase of development of this System. (December)


     • Electronic Check Clearing System becomes operational. (January)
    • Deposit and Settlement Management System becomes operational -- Phase 1. (April)