The Central Bank of Tunisia and the International Finance Corporation (IFC) have 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 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.
Mr. Marouane El Abassi, Governor of the Central Bank of Tunisia said, “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.”
“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.”
The Tunisia Bill Payments project is being delivered by the 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.
