Payment systems management adjusted to good practice

Luanda – The deputy governor of the Central Bank of Angola (BNA), Rui MinguA�ns Oliveira, said Wednesday that payment systems will only meet public interest objectives (security, efficiency and inclusion) if their management is linked to good international practices.

Speaking at the VIII meeting of CPLP’s Central Banks’ Payment Systems, Rui MinguA�ns said that payment systems, within the scope of their functions, should offer a platform for financial inclusion, given the level of economic and social development of the CPLP countries.

The Bank manager also noted that increased transactions in domestic and international financial markets, the sophistication of financial products, the globalization of markets and disintermediation require an efficient, secure and efficient payment system in order to preserve stable functioning financial systems and provide more adequate support to productive, commercial and financial activities.

Still on payment systems, he acknowledges, regardless of the different stages of development in each country that payment systems as a whole continue to present many challenges in common, requiring regulators and supervisors to have a permanent and focused attention, in order to ensure full operation on the basis of sound, safe, efficient and reliable principles.

He said that the VIII meeting is taking place at a time when the convergence between technology and financial services is increasing.

The official also said that the emergence of “fintech” financial technologies and the growing trend of elimination of financial intermediaries led us to consider the banking business model in the not-too-distant future.

Representatives from the central banks of Angola, Cape Verde, Mozambique, Portugal, Sao Tome and Principe, East Timor and Monetary Authority of Macao participate in the meeting.

Source: Angola Press News Agency