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AfDB loans Sao Tome and Principe $3.2 million for payment system
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The African Development Bank (AfDB) has loaned the government of Sao Tome and Principe, a Central African country, $3.2 million to upgrade its payment infrastructure. The loan agreement will allow Sao Tome and Principe to upgrade its national switch payment system, which supports the clearing and settlement of country-wide retail payments.
The African Development Bank (AfDB) has approved a $3.2 million loan to the government of Sao Tome and Principe to upgrade its payment infrastructure. The loan will be used to upgrade the country's national switch payment system to support the clearing and settlement of retail payments in real-time, similar to Nigeria's instant payment infrastructure. The upgrade will increase the use of digital payments and other digital services and reduce liquidity and credit risks in the country. The loan will be disbursed from the Nigerian Trust Fund, one of the AfDB's arms that provides concessional financing to low-income regional member countries.
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