According to bank documents, the proposed project objective is to support payment system integration efforts in SADC countries. This will be achieved through (i) design, mobilization and deployment of low value credit scheme implemented by SADC member countries to support cross border transfers of remittances, and (ii) data subscription.

The low value credit transfer system known as the Transactions Cleared on an Immediate Basis (TCIB) Payment Scheme Project has been initiated under the SADC Payment System Integration initiative. The
project will support the development of a piloting kit for low-value credit transfers to streamline onboarding for banks and non-banks (such as mobile money operators and remittance service providers) in the low-value credit scheme to support the transfer of cross-border remittances. See attachment for full description of the project's phases.

The scope of the activities funded under the proposed RETF project will include the following two areas:

1. TCIB Scheme Design, Build and Onboarding: This will include the design of the Transactions Cleared on an Immediate Basis (TCIB) Payment Scheme for SADC member countries, including aspects such as (i) scheme governance, (ii) scheme operating model, (iii) operating structure and blueprint for the Payment System Operator, (iv) contracting framework, as well as (iv) risk management and compliance framework. Following that, the project would implement the onboarding of at least 40 new scheme participants, develop plans for the scheme’s marketing and business development, support roles, and stakeholder engagement.

2. Data subscription: The project will finance a subscription for the Watch Banking Analytics Premium license with SWIFT that will include reporting on data within SADC countries covering payment and trade finance data and onboarding training.

World Bank:
Contact: Alice Dubiwa Zanza
Title: Sr Financial Sector Spec.
Telephone No: 5220+88621
Contact: Aida Japarova
Title: Operations Officer
Telephone No: 5220+32985

Borrower:
Borrower : South African Reserve Bank
Contact : Tim Masela
Title : Chair of SADC Payment Systems Project
Telephone No : 27123133911
Email : Tim.Masela@resbank.co.za 

Implementing Agency:
South African Reserve Bank
Contact : Tim Masela
Title : Chair of SADC Payment Systems Project
Telephone No : 27123133911
Email : Tim.Masela@resbank.co.za 

ACCESS TO INFORMATION

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