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.