BNM, IFC to cooperate to develop digital financial services

Chisinau, Oct. 23 /MOLDPRES/- The National Bank of Moldova (BNM) and the International Finance Corporation (IFC), a member of the World Bank Group will collaborate in the development of digital financial services. An Agreement to this effect was signed in Washington by BNM Governor Anca Dragu and Alfonso García Mora, IFC's Vice President for Europe, Latin America and the Caribbean.

The BNM governor said digital financial services have the potential to reduce transaction costs, increase processing speed, security and transparency. This year, the BNM has successfully launched a national project - MIA Instant Payments, which has almost 400,000 users, both private people and economic agents.

"This project is more than a modernization, an alignment with the requirements of the society at the European level, it is a mechanism to increase the prosperity of the Republic of Moldova and at the same time, to reduce economic inequalities. The access to fast and secure payment services contributes to increasing financial inclusion", Dragu said.

The meeting between the National Bank management and the World Bank delegation was also attended by World Bank Vice President of Europe and Central Asia Region Antonella Bassani. They approached issues on evolution of the Republic of Moldova - macroeconomic framework and medium-term prospects, the Financial Sector Assessment Program (FSAP) in Moldova, financial inclusion strategy, implementation of the IMF Program, as well as the financial support provided by the World Bank.

The meeting took place on the margins of the annual meeting of the International Monetary Fund and the World Bank in Washington, USA.