Cape Verde Card Transactions Surge 20% Amid Tourism Boom
Digital payments in Cape Verde surged in October, with card transactions on the national “vinti4” network rising by nearly 20% compared to the same period last year. The latest data from the Bank of Cape Verde (BCV) underscores a robust upward trend in the archipelago’s financial ecosystem, fueled largely by a booming tourism sector.
Tourism Boom Drives Foreign Card Usage
Transactions involving international cards saw a significant 19% year-on-year increase, reaching 1.8 billion escudos (€16.7 million). The most dramatic growth was recorded at point-of-sale (POS) terminals, where foreign card payments jumped by 25%. This influx of international spending aligns with the recent surge in tourism, which remains the primary engine of the nation’s economy.
This positive momentum has prompted both the International Monetary Fund (IMF) and the BCV to upgrade their economic outlooks. This month, both institutions revised their 2024 Gross Domestic Product (GDP) growth forecasts upward, projecting growth of 6% and 6.1%, respectively.
National Transactions and the Push for a Cashless Society
Domestic usage is also on the rise. Transactions using Cape Verdean cards grew by 18% in October, totaling 15 billion escudos (€136 million). The steady shift away from cash is being actively encouraged by the government as part of a broader modernization effort.
In line with these figures, the Cape Verdean government recently unveiled its new Digital Economy Strategy. The ambitious roadmap aims to phase out physical cash in favor of secure, efficient digital transactions nationwide within the next six years.
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