Cape Verdean Prime Minister Ulisses Correia e Silva has announced the launch of a digital bank aimed at financing investments for young people and women, and reducing barriers to accessing credit.
The new financial institution, announced by the Prime Minister, is an "innovative initiative that aims to reduce barriers to accessing credit and ensure faster financing." By highlighting the main mission of the new bank, Ulisses Correia e Silva added that it will enable greater investment from young people and women.
Moreover, the digital bank will be tasked with managing the entire credit process using digital and IT means, including credit application, credit approval decisions, and follow-up until the credit is disbursed.
"In this way, entrepreneurs will benefit from total transparency and be able to track every step of their credit application, ensuring a much faster response," said the head of government, as quoted by the media. He indicated that the digital system will be designed to ensure a smooth and efficient process for users, offering favorable financing conditions supported by state guarantees and subsidies.
This digital bank represents a significant step forward for Cape Verde's financial sector, embracing modern technology to streamline financial services and make them more accessible to underserved populations. By focusing on young people and women, the bank aims to empower these groups, promoting entrepreneurship and economic development within the country.
Additionally, the initiative aligns with Cape Verde's broader goals of digital transformation and financial inclusion. By leveraging digital tools, the government hopes to create a more inclusive financial ecosystem that can adapt to the changing needs of its citizens. This move is expected to stimulate economic growth by providing easier access to credit, thereby enabling more individuals to start and expand their businesses.
The implementation of the digital bank will also involve educational campaigns to ensure that potential users understand how to utilize the digital platform effectively. These campaigns will focus on financial literacy, helping users make informed decisions about borrowing and investment.
Overall, the launch of this digital bank marks a promising development for Cape Verde, potentially setting a precedent for other countries in the region to follow. By prioritizing accessibility, efficiency, and transparency, the government aims to foster a more dynamic and inclusive economy, supporting sustainable growth and development.
