Trade Minister Baboucarr O Joof on behalf of Gambia and Africa group of OIC countries, addressed the 40th ministerial session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the OIC which opens in Istanbul Saturday with participation of delegates from OIC member states.
The high-level ministerial session is held under the theme; “Digital Transformation of Payment Systems” in OIC Member countries representing a market of over 1.8 billion people.
Minister Joof underscored the importance Intra-OIC cooperation as an integral part of commitment to drive socio-economic development in the OIC member states.
“Intra-OIC trade is instrumental to the development of our economies and therefore we must promote trade among member states. An increase in intra-OIC trade would boast economic growth, increase employment and reduce poverty. It would facilitate innovation and promote development in science and technology as well as better integrate our economies into a global value chain as it enhances our competitiveness.
He averred that the theme of event could not come at a better time than this when The Gambia like many other OIC member states is putting conscious efforts to develop her digital trade.
“In The Gambia, we have recognized the crucial role of digital payment systems in driving our economic development through digital trade. The recent developments in our payment infrastructure reflect this commitment. Notably, the Central Bank of The Gambia (CBG) is currently undertaking an extensive upgrade of our national payment system. This upgrade aims to ensure the system is robust, interoperable, and responsive to the evolving needs of our economy, providing seamless and secure digital financial services delivery system for all citizens and businesses.
Minister Joof further told delegates that the Gambia is making strides to ensure the full actualization of the Pan-African Payment and Settlement System (PAPSS) aimed at facilitating intra-African trade with a number of commercial banks having already deployed and operationalized it.
He said this will enhance the ease of doing business between OIC Member States within Africa.
“The digital transformation of payment systems therefore, is not just a technological imperative; it is a foundational pillar for economic growth, financial inclusion, and regional integration. The Government of the Gambia, under the Leadership of President Adama Barrow believes that embracing digital technologies is not only a necessity, but an opportunity to enhance governance and foster economic development. We are also reviewing the Payment Systems Act to align it with new realities in the payment ecosystem, particularly in the areas of fintech development, digital currencies, and cross-border transactions.
