EU and UNCDF establish Digitalize platform payments for Credit Unions

EU and UNCDF  establish Digitalize platform payments for Credit Unions

DILI, 26 august, 2021 (TATOLI)- European Union (EU) and United Capital Development Fund (UNCDF) established Digitalize Payment for Credit Unions in the remote areas to support the work of the Secretary of State for cooperatives.

This will also allow members to access a wide array of other digital financial services, including bank-to-wallet transactions, phone top-ups, account balance checks, bank transfers, bill payments, and more. Moreover, it will also help develop a culture of digital and financial literacy in Timor-Leste and improve users’ access to information.

Ambassador of European Union (EU), Andrew Jacob is honored to be part of this exchange document between the United Nations Capital Development Fund (UNCDF).

Ambassador Andrew Jacob said this program is a more vital program to help business people in the rural area access digitize payments on Credit Unions in Timor-Leste.

The digitalization program is a priority of the EU and a strategic element of our new Multi-Annual Programme with Timor-Leste, that will cover the period from 2021 to 2027,” He said.

Andrew added that the project is also aimed to provide economic opportunity and help entrepreneurs to access the loan and credits on running their business: ‘It is providing opportunity in a very easy system on the digital system for all people to access and they can feel safe and benefit on economic development.’

The Coordinating Minister of Economy affairs, Joaquin Amaral considers the digital finances service is a very important program, saying 50% of Timorese citizens are seeking opportunities on getting aware of economic development for loan and payment on Digital system and also contribute to economic development.

“This Digital platform can help reduce the poverty as it provides an easy system for economy accessible for people in the rural area. This program is contributing to sustainability and diversify the economy and social inclusion in Timor-Leste,” Said the Coordinating Minister of Economy affairs, Joaquim Amaral in His short remarks, as Hotel Timor, this Thursday.

Secretary of State for cooperatives, Elizário Ferreira said that this digitization program will involve 25 credit unions in the first phase, and including all established cooperatives in the remote areas: the program is under a credit umbrella of HANOIN MALU. This is to ensure the good management for credit union platform through digital on loan and payment which offer to all beneficiaries.’

‘The Digitization is helping people to access for loan and payment through the digital platform. It is also helping people to purchase goods in the shopping centers, helps people for money transference on mobile phone, as people are not required to take cash for any shopping centers,’ Ferreira said.

The Financial Inclusion Coordinator of the United Nations Capital Development Fund, Claude Nomsi said that before this program will be implementing, the UN will provide Digital literacy on how to use the devices. It is also to educate, guiding and advise people are not to share their users and password with others.

This digital platform program is granted by European Union in the amount of $. 150.000 for the digital platform project.


Journalist: José Belarmino De Sá

Editor: Nelia Borges Rosario



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