Enhancing Digital Payments in Venezuela

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The objective of this operation is to support the enhancement of digital payments in Venezuela. This objective would be achieved by: (i) supporting the identification and implementation of public sector actions that enable or promote private sector solutions to solve specific pain-points in payment systems, with an emphasis on solutions targeting the unbanked, lower income households in remote areas, and micro or small-scale enterprises; and (ii) providing regulatory technical support, particularly in terms of digital payment interoperability, and facilitating institutional strengthening and capacity building activities in both the BVC and the Superintendence of Banking Sector Institutions (Sudeban). These actions, particularly the regulatory aspects, are critical for future implementations of G2P programs and therefore there is a close coordination with the Social Protection Division of the Bank