Tunisia, November 18, 2022 – The Central Bank of Tunisia, supported by IFC, launched a free-to-use digital bill payments platform to enable Tunisians to pay for utilities such as water and electricity online and on mobile applications, freeing up time and resources spent on travelling to payment offices.
The launch took place during the event, Innovation and Digital Payments: Levers for Inclusive Growth in Tunisia, organized in Tunis on November 17.
The Tunisia bill payments platform, Paysmart.tn, was designed by the national payment switch Société Monétique Tunisie, developed by Tunisian Fintech, WeSettle, and piloted in the country over the last six months with the national electricity provider (STEG), the national water provider (SONEDE) and seven financial institutions.
IFC supported the Central Bank of Tunisia on the design of its digital payment strategy and is helping with its implementation.
"The importance of digitizing government payments reflects the dedication to transparent exchanges, financial inclusion and de-cashing. The Central Bank of Tunisia with its national and international partners and IFC have worked to consolidate the foundations of digital payments, including bill payments in Tunisia. The lessons learned from the pilot will be used to gradually expand the system to other public services," said Mr. Marouane El Abassi, Governor of the Central Bank of Tunisia.
"New technology and innovative business models have significantly changed the financial landscape around the world. Individuals and businesses that financial institutions once viewed as too risky and too costly to serve are now seen as new market segments with great potential," said Xavier Reille, IFC Country Manager for the Maghreb and Djibouti. "Supporting a strong, innovative, and inclusive financial sector is a priority for IFC in Tunisia, and we are proud to work with the Central Bank of Tunisia to advance financial inclusion."
Two new IFC studies, the first on financial inclusion in Tunisia, Inclusion Financière en Tunisie : État des lieux et opportunités, and the second on agricultural value chains, Opportunités de Digitalisation et de Financement des Chaînes de Valeur Agricoles," presented at the Innovation and Digital Payments event found strong demand for digital financial services in Tunisia, presenting an opportunity for financial services providers to grow their markets.
The IFC study on agricultural value chains reveals that farmers rely mainly on cash transactions and informal financial services and that the opportunity for digitization of payments in the olive oil, date and tomato sectors is estimated at more than one billion dollars.
The Tunisia Bill Payments project is being delivered by IFC and the Central Bank of Tunisia in partnership with the Swedish International Development Cooperation Agency (Sida) and Switzerland's State Secretariat for Economic Affairs (SECO) under the World Bank Group's MSME 2.0 program.
The study on the digitalization of agricultural value chains was supported by the Tunisian Rural and Agricultural Chains of Employment (TRACE), a trust fund financed by the Government of the Netherlands and managed by the World Bank.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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