The Central Bank of Tunisia (BCT) announced Thursday the inclusion of two payment institutions, “Zitouna Pay” and “Payvago,” to the roster of financial institutions participating in the Tunisian interbank clearing system, managed by the Interbank Telcompensation Company (SIBTEL).
In a communique addressed to banks, the national postal office, and payment institutions, the BCT specified that “Zitouna Pay” will be registered under the symbol “81,” while “Payvago” will carry the symbol “84.” The inclusion comes as part of the routine update of the list of institutions participating in the Tunisian interbank clearing system.
SIBTEL was established on November 1, 1999, following the implementation by the BCT of an interbank clearing system as part of the modernization of the Tunisian banking system. The clearing system is open to all banking institutions governed by Tunisian banking law and registered with the BCT’s clearinghouse. It facilitates the electronic exchange of values for clearing and processes value clearings at fixed intervals through a center that calculates clearing balances and prepares net positions per participating institution.
According to the Central Bank’s report for the year 2022, clearing activity witnessed a growth rate comparable to that of 2021, with a 4.8% increase in volume and a 13.8% increase in value. Transfers and checks remain the predominant instruments processed through this system.
The attractiveness of joining the Tunisian interbank clearing system lies in its efficiency and reliability in processing financial transactions. Participating institutions benefit from streamlined electronic exchange processes, ensuring timely and secure clearing of values. Additionally, adherence to the system signifies compliance with regulatory standards, bolstering trust and confidence in the Tunisian banking sector.
The inclusion of “Zitouna Pay” and “Payvago” underscores their commitment to enhancing financial accessibility and interoperability within Tunisia’s banking landscape. It aligns with broader efforts towards financial inclusion and the adoption of digital payment solutions in the country.