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Cape Verde

No Open Banking

An archipelago and island country in the central Atlantic Ocean.

Cabo Verde’s internet penetration rate stood at 62 % in 2022, with mobile connections equivalent to 103 % of the total population in January 2022.

Both are relatively high numbers for West Africa and give the country the ability to use digital payments, which some financial institutions offer (p. 20). The coronavirus pandemic drove an uptake in digital services, with a 50.3% increase in the ‘internet banking channel’ in 2020 compared to 2019.

The Central Bank Governor stated in 2022 an intention to “support digital financial services with innovative regulatory approaches and digital financial services and products that centralise the protection and empowerment of the financial consumer”.