Timor-Leste has launched its first electronic interbank system, known as P24, developed by Portuguese company SIBS. The Central Bank of Timor-Leste (BCTL) announced the initiative, which initially covers two of the country’s five commercial banks with plans for full national rollout.
What Is the P24 System?
P24 is an interbank electronic payment network modelled on the Portuguese Multibanco system. It enables customers of participating banks to use any ATM or point-of-sale terminal in the network, regardless of which bank issued their card.
The system is designed to operate in four languages:
- Portuguese
- Tetum
- English
- Indonesian
When fully deployed, P24 will support transactions across:
- ATMs (multibank terminals)
- Point-of-sale (POS/TPA) terminals in commercial establishments
- Mobile phones (Mobile Money)
Phase One: Participating Banks
In its first phase, P24 covers clients of two banks:
| Bank | Origin |
|---|---|
| Banco Nacional Ultramarino (BNU) | Portugal |
| Bank Mandiri | Indonesia |
Integration is still underway for the Timorese BNCTL and Indonesian BRI, which will join in subsequent phases.
At launch, the system was already operational across 39 of BNU’s 42 ATMs in Timor-Leste.
International Card Acceptance
The network will progressively expand its card acceptance capabilities:
- Phase 1 — Cards issued by participating Timorese banks
- Phase 2 — Visa-branded international cards
- Phase 3 — Additional networks including Mastercard and Union Pay
Mobile Money and Telecoms Integration
The project includes interconnection with all three telecommunications operators in Timor-Leste:
- Timor Telecom
- Telemor
- Telkomcel
This integration enables the development of a Mobile Money system, extending financial services to populations in remote areas where physical bank branches are not accessible.
Why This Matters for Timor-Leste
Timor-Leste uses the US dollar as its official currency, making cash-dependent operations — including importation, transportation, and counting — particularly costly for banking operators. The country’s economy has been heavily cash-based, and the P24 network directly addresses this by:
- Enabling interoperable digital payments across all commercial banks
- Facilitating financial inclusion for underserved and remote communities
- Reducing reliance on physical cash in everyday transactions
- Allowing future payment of taxes and government fees electronically — operations currently handled almost exclusively through BNU branches
BCTL Governor Arão de Vasconcelos described the launch as a “significant transformation event in Timor-Leste’s financial system,” consolidating the national strategy for financial sector development.