Samoa receives $21 million in World Bank funding for digital identity and financial inclusion project

The island nation of Samoa in the central South Pacific Ocean is receiving a $21 million grant from the World Bank to create its first national digital identity system.

The grant, approved by the World Bank Board of Governors on October 18, also aims to help the country increase its level of financial inclusion by modernizing its payment infrastructure. Country launches digital payment platform last year.

In a press release from the bank dated October 28, the fund said:Samoa Financial Sector Resilience and Development ProjectIt will facilitate access to financial services for at least 8,500 individuals and businesses who send or receive remittances. During the project, it is expected to make it possible to digitally verify the identities of 100,000 people.

Part of the idea is to reduce costs associated with remittances, which are the primary source of livelihood for fewer than 230,000 citizens of the tiny Oceania nation, while also increasing the capacity of the country’s central bank to better conduct financial oversight and control. supervisory role.

Regarding identity, the statement states that the project will “support the establishment of Samoa’s first National Digital Identity System and modernize the national Civil Registration System.” Samoa reportedly in 2022 showed interest in MOSİPIt is used by many countries to create digital identity systems.

This infrastructure will not only facilitate the delivery and receipt of public and private sector services, but will also go a long way in strengthening Samoans’ resilience to shocks, and improved vital statistics will enhance development planning and monitoring.

“We are committed to supporting the Government of Samoa’s ongoing efforts to strengthen its digital presence, financial systems and digital identity systems,” said Stefano Mocci, World Bank country manager for the South Pacific. “This work will increase the delivery of services and capacity in Samoa’s financial sector for a more robust, accessible and fair financial system for all Samoans.”

The project, which will be operational from fiscal year 2025, is expected to contribute to achieving Samoa’s national development priorities.

Article Topics

digital identity | digital identity | financial inclusion | authentication | Samoa | World Bank