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Lusa - Business News - Cabo Verde: Credit card use up 33% in 2021

Praia, July.4,2022(Lusa)-The use of Visa and Mastercard international cards in Cabo Verde's interbank network increased by almost 33% in 2021, with the recovery of tourism demand, but is still half compared to 2019, before the pandemic.
According to the 2021 report and accounts of the Interbank Society and Payment System (SISP), consulted on Monday by Lusa, the "Acquiring International" service - international brands - recorded "some recovery, with the 'new normal' after the covid-19 pandemic."
In 2020, due to international restrictions to contain the pandemic, that service "recorded the largest drop ever with the Covid-19 pandemic," translating into a "decrease at the level of operations above 56.7%," retreating to 2015 levels.
"The recovery was more expressive in the summer and the last two months of 2021," states last year's report and accounts. The number of transactions recorded with these two international cards was 727,814 in 2021 and 547,690 in 2020, while in 2019, a record year in tourist demand for the archipelago, with over 819,000 tourists, these transactions reached 1,250,555.
The volume of these cards increased by 20% compared to 2020, with Visa card transactions accounting for 58% of transactions and 41.8% with Mastercard. In fees, Visa paid Cape Verde PTE 82.7 million (750,000 euros), while Mastercard paid over 83.7 million escudos (€760,000) in 2021.
The SISP interbank network at the end of 2021 had 208 ATM terminals, nine more than in 2020, "as a result of the resumption of activities in hotels," and 9,564 POS terminals for payment of purchases and services, a growth of 10% (879 more terminals) compared to 2020.
In December 2021, there were 266,216 active cards from the commercial banks installed in the country, down 2% compared to 2019, and 134,676 new cards were issued.
"The number of cards produced increased 3% year-on-year, but the negative change in the number of active cards, of 2%, continued to reflect the effects of the extension of card expiry dates, applied by banks from the second quarter of 2020 due to the pandemic and travel restrictions to bank branches," the report reads.

Agency : LUSA

Date : 2022-07-05 10:19:00


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