news-2011-12-16

2011-12-16

CMA’s Real Time Gross Settlement system went live at the Central Bank of Gambia.

Stockholm, 16th of December, 2011. Today CMA announced that its Real Time Gross Settlement System (RTGS) has been successfully launched into live operations at the Central Bank of Gambia.

CMA’s project implementation of its Real Time Gross Settlements system and Central Securities Depository in West African Monetary Zone, has produced its first result, namely the launch of the Real Time Gross Settlement system at the Central Bank of Gambia. Currently, 13 commercial banks are connected to the system. The RTGS system is fully integrated with the Central Bank’s Core Banking and Bulk Clearing Settlement systems.

Central Bank of Gambia is part of the West African Monetary Zone, which consists of:

• Bank of Ghana
• Central Bank of Nigeria
• Bank of Sierra Leone
• Central Bank of Guinea
• Central Bank of The Gambia
• Central Bank of Liberia

According with the project schedule, CMA intends to launch its systems at the Central Bank of Guinea, Sierra Leone and Liberia in 2012.

Mr. Fatou Touray Balajo (RTGS Project Manager at the Central Bank of Gambia), commented: "This is another step forward towards the implementation of The Gambia's ambitious National Payment System project. The launching of the RTGS system will bring great benefits to Gambia's Payment System and economy as problems of bounce cheques and delays in receipt of payments are prevented, since settlement is on real time basis".