World Bank Approves $21M Grant to Enhance Financial Resilience and Digital Infrastructure in Samoa

The project is set to improve access to financial services for approximately 8,500 people and businesses, streamlining the process of sending and receiving remittances.

The World Bank Board of Directors has approved a grant of US$21 million (WST$57.6 million) for the Samoa Finance Sector Resilience and Development Project. This initiative aims to strengthen the financial supervisory frameworks and national payment and identification systems in Samoa, benefiting thousands of individuals and businesses across the nation.

The project is set to improve access to financial services for approximately 8,500 people and businesses, streamlining the process of sending and receiving remittances. Additionally, it will enable about 100,000 individuals to verify their identification digitally during the project's lifespan. "We are committed to supporting the Government of Samoa’s ongoing efforts to strengthen its digital presence, financial systems, and digital identification systems," stated Stefano Mocci, World Bank Country Manager for the South Pacific. He emphasized that the project aims to enhance service delivery and bolster Samoa’s financial sector, promoting a more robust, accessible, and equitable system for all Samoans.

Remittances play a crucial role in Samoa's economy, accounting for roughly one-third of the country's GDP. By reducing the costs associated with sending and receiving remittances, this project is expected to provide significant financial relief to many families. The initiative will also facilitate digital payments, further stimulating financial flows and expanding economic opportunities.

In addition to enhancing individual financial transactions, the project aims to strengthen the capacity of the Central Bank of Samoa to conduct financial surveillance and oversight effectively. It will support the establishment of Samoa's first National Digital Identification System and modernize the National Civil Registration System. This digital infrastructure will not only improve access to public and private services, including financial services but also enhance the nation's resilience to economic shocks. Improved vital statistics will support better development planning and monitoring.

Moreover, the project will advance the efficiency and inclusivity of Samoa’s national payment systems, building on the digital platform that was launched in 2023. The Samoa Finance Sector Resilience and Development Project is aligned with Samoa's national development priorities, including the Pathway for the Development of Samoa and the Finance Sector Plan 2023-2027, contributing to a more sustainable and equitable economic future for the island nation.