Payment cards were the most widely used electronic instruments in Cabo Verde in 2018, accounting for 86.0% of total transactions in the country, according to the Bank of Cabo Verde (BCV).
The central bank also reported that for the first time in the country’s banking history, the amounts paid through Points of Sale (POS) were higher than the cash withdrawals at ATMs.
Noting that the 2018 financial year continued to show an increasing trend in Cape Verdean use of electronic payment, the BCV showed bank transfers (8.6%) came after cards and then cheques (5.2%).
The data was included in the Payment System Report (2018), which shows that a total of 30.6 million card transactions were carried out through the vinti4 network, of which 78.6% (24 million transactions) were funded, which corresponds to 92.9 billion escudos.
Despite the widespread use of electronic payments, the report continues to show that cash is still the most widely used in everyday business transactions, given its practical use, confidentiality and immediate liquidity characteristics. (Macauhub)