Tunisia Expands Interbank E-Clearing System with Zitouna Pay and Payvago

The Central Bank of Tunisia (BCT) announced a major expansion of the country's interbank electronic clearing system on Wednesday, marking a substantial advancement in modernizing Tunisia's banking infrastructure. Zitouna Pay and Payvago,two, newpayment institutions, have been granted membership in the Tunisian interbank telecompensation system managed by Société Interbancaire de Télécompensation (SIBTEL).

Why this matters: The expansion of Tunisia's interbank e-clearing system has far-reaching implications for the country's economic development, as it increases the efficiency and accessibility of financial transactions. This modernization effort can also serve as a model for other countries in the region, promoting greater financial inclusion and stability.

Under the new arrangement, Zitouna Pay will operate with the code 81, while Payvago will use the code 84. The inclusion of these payment institutions in the e-clearing system, first established by the BCT in 1999, is expected to enhance the efficiency and accessibility of financial transactions throughout Tunisia.

The Tunisian interbank telecompensation system is open to all banking establishments governed by Tunisian banking law and registered with the BCT clearing house. According to the BCT's official statement, "The system ensures the electronic exchange of values to be cleared and processes the clearing of values at a fixed time."

The BCT's 2022 report highlights the growing importance of the e-clearing system in Tunisia's financial sector. Telecompensation activities saw a notable increase of 4.8% in number and 13.8% in value compared to the previous year, with transfers and checks ranking first in both number and value.

The integration of Zitouna Pay and Payvago into the interbank e-clearing system is anticipated to further boost these figures as more transactions are processedelectronically. This development also highlights the BCT's commitment to creating a modern, efficient, and inclusive banking system that caters to the evolving needs of Tunisian businesses and consumers.

As Tunisia tackles the challenges of the digital age, the expansion of the interbank e-clearing system represents a significant step forward. By embracing technological advancements and collaborating with innovative payment institutions like Zitouna Pay and Payvago, the BCT is paving the way for a morerobust, secure, and accessible financial ecosystem in the country.

The integration of these payment institutions into the e-clearing system is expected to bring numerous benefits to Tunisian consumers and businesses. Faster transaction processing times, improved security measures, and the overall modernization of Tunisia's banking infrastructure promise to open up new opportunities for growth and development across various sectors of the economy.

Key Takeaways

• Tunisia's interbank e-clearing system expands to include Zitouna Pay and Payvago.
• This modernization effort increases efficiency and accessibility of financial transactions.
• Zitouna Pay and Payvago granted membership in Tunisian interbank telecompensation system.
• Expansion expected to boost telecompensation activities and promote financial inclusion.
• Faster transaction processing, improved security, and modernized banking infrastructure anticipated.