APIA, October 28, 2024 - The World Bank Board of Directors approved a US$21 million (WST$57.6 million) grant for the Samoa Finance Sector Resilience and Development Project, which will strengthen Samoa's financial supervisory, and national payment and identification systems.
The project will make it easier and less expensive for 8,500 people and businesses to use financial services-including the sending and receiving of remittances - and allow 100,000 people to verify their identification digitally during the life of the project.
"We are committed to supporting the Government of Samoa's ongoing efforts to strengthen its digital presence, financial systems and digital identification systems," said Stefano Mocci, World Bank Country Manager for the South Pacific. "This work will enhance the delivery of services and Samoa's capacity in the financial sector for a more robust, accessible, and equitable financial system for all Samoans."
Remittances are a major source of income in Samoa, accounting for about a third of GDP. Reducing the cost of sending and receiving them will therefore directly benefit thousands of Samoans. The project will also enable more Samoans to make or receive digital payments, boosting financial flows and economic opportunities.
The initiative will also bolster the capacity of the Central Bank of Samoa to conduct financial surveillance and supervision, support the establishment of Samoa's first-ever National Digital Identification System, and modernize the national Civil Registration System. This public digital infrastructure will improve access to and delivery of public and private services, including financial services, and strengthen Samoans' resilience to shocks while improved vital statistics will enhance development planning and monitoring.
The project will support the operation of and avenues to advance the efficiency and inclusivity of Samoa's national payment systems, whose digital platform was launched in 2023. The Samoa Finance Sector Resilience and Development Project will also contribute to Samoa's national development priorities, including the Pathway for the Development of Samoa and the Finance Sector Plan 2023-2027.
