SIBS Expands to Cape Verde: Modernizing Digital Payments
SIBS, the Portuguese payment processor behind the Multibanco network, is officially expanding its footprint in Africa. The company announced on Thursday that it has entered the Cape Verdean market to provide the technological backbone for the island nation’s financial infrastructure.
The expansion is a strategic partnership with Cape Verde’s Interbank and Payment Systems Society (SISP). Under this agreement, SIBS will modernize the local payment ecosystem, introducing more digital and innovative solutions to the country’s banking sector.
Modernizing Cape Verde’s Infrastructure
The scale of the operation is significant. SIBS technology will now support approximately 330,000 bank cards, 220 automated teller machines (ATMs), and 12,000 point-of-sale (POS) terminals across Cape Verde.
By integrating its advanced processing systems, SIBS aims to streamline transactions and improve the reliability of digital payments for Cape Verdean citizens and businesses alike.
A Dominant Player in Lusophone Markets
This move solidifies SIBS’ position as a leading technology provider within the Portuguese-speaking African Countries (PALOP) region. The company already maintains established operations in Angola, São Tomé and Príncipe, and Timor-Leste.
“With this expansion, SIBS consolidates its position as a payment solutions provider in African markets,” the company stated in a press release, highlighting its commitment to driving financial inclusion and digitization across the continent.
Based in Lisbon, SIBS is primarily owned by Portugal’s major commercial banks. It is best known for managing the Multibanco brand, which is widely regarded as one of the most sophisticated and integrated interbank networks in the world.
Image: Pexels – www.kaboompics.com
