CPLP central banks note evolution in payment systems and want to strengthen laws

The central banks of the Community of Portuguese-speaking Countries (CPLP) yesterday highlighted a “major evolution” in payment systems, enabled by digital innovation, and now want to strengthen legislation to avoid risks, an official source said.
The idea was advocated by the director responsible for Payment Systems at the Bank of Cape Verde (BCV), Antónia Lopes, press spokeswoman for the 9th Meeting of Payment Systems of Central Banks of the Community of Portuguese Language Countries (CPLP), which takes place over the next three days in Praia.
Cape Verde is once again hosting this meeting, after the first in 2003, on the island of São Vicente, and, according to the same official, since then there has been a “great evolution” in payment systems in Portuguese-speaking countries.
“Today we continually need, given the digital innovation, to be helping the regulation and legislation there where it is necessary, taking into account the risks, because digital innovation increases the risks, especially cyber risks,” he pointed out, for whom these meetings of technicians in this area serve to allow cooperation, sharing of ideas and knowledge.
And from there, the more advanced countries, such as Portugal, Brazil, Angola or Mozambique, will help those who are at less advanced levels.
“It will have to be adjusted to each country, but the basis of development and modernization is the same,” continued Antónia Lopes, highlighting the contribution that payment systems make to monetary policy, financial inclusion, and the Gross Domestic Product (GDP).
“Having an evolved payment system, there is a better circulation of money, there is better ease in terms of payments,” stressed the same responsible, in statements to the press. The Payment Systems Meetings of the Central Banks of the Community of Portuguese Speaking Countries are held every two years, in alphabetical order, so the next one should be in Guinea-Bissau in 2024.
Ahead of the meeting, the Bank of Cape Verde held a workshop on “Challenges of digital transformation in the payments industry” in the country, to promote broadening the debate on innovation and digital transformation in the payments industry to the financial community and all market players.