Tunisia Sees Significant Growth in Digital Payments
The latest bulletin from the Central Bank of Tunisia (BCT) highlights a growing trend in digital payments, with a significant increase in the number and value of transactions made through electronic means.
What to Take Away:
- Wire Transfers on the Rise: The number of wire transfers increased by 12.3% to reach 9.34 million, while the total value jumped by 36.8% to 18,020.23 million Tunisian dinars (Mtnd).
- Dynamic Direct Debits: Direct debits also saw a significant surge, with a 15% increase in the number (1.76 million) and a 24.1% increase in the value (7,837.96 Mtnd).
- Checks in Sharp Decline: In contrast to other payment methods, check usage decreased significantly, with a 62% drop in the number (2.33 million) and a 48.3% decrease in the value (15,989.79 Mtnd).
- Letters of Credit See Explosive Growth: The use of letters of credit skyrocketed, with a 107.4% increase in the number (0.86 million) and a 35% increase in the value (11,268.44 Mtnd).
- High Rejection Rate for Checks by Value: While the rejection rate for checks by number remains low (around 16%), the rejection rate by value is significant, reaching 33.9%.
