The World Bank has approved a $21 million grant to support the Samoa Finance Sector Resilience and Development Project. This initiative aims to enhance Samoa's financial supervisory systems, as well as its national payment and identification frameworks.
The project is expected to benefit 8,500 individuals and businesses by making financial services more accessible and affordable. It will also enable 100,000 people to verify their identities digitally during the project's duration.
Stefano Mocci, World Bank Country Manager for the South Pacific, stated, "We are committed to supporting the Government of Samoa’s ongoing efforts to strengthen its digital presence, financial systems and digital identification systems." He emphasized that this work will contribute to a more robust and equitable financial system in Samoa.
Remittances play a crucial role in Samoa's economy, constituting about one-third of its GDP. The project aims to lower the costs associated with sending and receiving remittances, thereby benefiting many Samoans. Additionally, it will facilitate increased digital payment transactions, potentially boosting economic opportunities.
The project will also strengthen the Central Bank of Samoa's capacity for financial oversight. It includes establishing Samoa's first National Digital Identification System and modernizing the national Civil Registration System. This public digital infrastructure is designed to improve access to both public and private services while enhancing resilience against various shocks. Improved vital statistics are expected to aid development planning and monitoring efforts.
Furthermore, the project supports the operation of Samoa’s national payment systems' digital platform launched in 2023. It aligns with national development goals such as the Pathway for the Development of Samoa and the Finance Sector Plan 2023-2027.