Digital transformation and cybersecurity threats are two key pillars of the Bank of Cape Verde’s (BCV) new strategic plan for 2026-2029, the institution announced in its activity report released on Tuesday (23).
“In 2024, the process of preparing the bank’s new strategic plan began in a context of multiple and complex challenges, namely: the need to adapt to innovation and digital transformation, threats arising from cyber risks and geopolitical tensions, among others,” the report states.
The central bank extended the timeframe of the 2021-2024 plan to include 2025 and began preparing the next plan, approving strategic guidelines.
The institution also has other ongoing procedures, as detailed in the report.
In the area of anti-money laundering and counter-terrorism financing, BCV created a dedicated unit, launched a self-assessment questionnaire for banks, and strengthened national and international cooperation.
The report also highlights the pilot implementation of the Immediate and Inclusive Transfers System (STII), in partnership with the Africa Nenda Foundation, four commercial banks, and the Interbank and Payment Systems Society (SISP). This initiative aims to promote financial inclusion in the country through digital payments.
The report released on Tuesday summarizes various indicators for 2024.
BCV closed the year with net international reserves equivalent to six months and fifteen days of imports, up from six months and six days at the end of 2023.
During the year, the central bank raised key interest rates three times—in May, November, and December—following the European Central Bank (ECB) policy, to curb capital outflows and maintain the credibility of the fixed-exchange-rate regime of the escudo against the euro.
Foreign exchange reserves grew by 7.5%, reaching 84.7 billion escudos (€768 million), with a return of 5.34%, above 3.38% in the previous year.
Governor Óscar Santos emphasized in the report’s introduction that “the increasing use of digital channels is visible, demonstrating Cape Verdeans’ preference for electronic means,” and promised a bank oriented toward innovation in the financial system through a set of initiatives, particularly in regulation, while keeping pace with digital transformation.
“The multiple uncertainties of the current context and the accelerated pace of technological change amplify the challenges for the central bank,” he added, noting that BCV is prepared to safeguard price stability and the resilience of the financial system.
Source: Lusa
