Sudan cancels license of UAE-linked digital solutions firm

July 4, 2026 (KHARTOUM) – The Central Bank of Sudan has cancelled the license of local fintech firm Al-Asjad for Smart and Digital Solutions following controversy over its sudden launch and suspected ties to the United Arab Emirates, central bank sources told Sudan Tribune on Saturday.

The newly established company recently launched a digital platform that sparked widespread debate in Sudanese economic and banking circles. Industry insiders raised questions about its technical capacity, financial solvency, and alleged indirect links to the UAE.

The launch event had drawn significant attention due to the high-level attendance by state officials, including General Majoub al-Bushra, central bank officials, and local commercial bank directors. The company’s Executive Director stated that Albushra represented the Sovereign Council.

The central bank governor formed a specialized multi-disciplinary committee to investigate Al-Asjad’s operations. The committee subsequently recommended the immediate revocation of its operating license.

The sources said the cancellation order has been officially signed, and a public announcement is expected within the coming hours.

The move follows a directive issued by the central bank on Friday ordering all commercial banks and licensed financial technology firms to freeze any new contractual, operational, or data-sharing agreements without prior central bank approval. The freeze specifically targeted financial switch operators.

Central bank officials stated that all licensed fintech operators must strictly adhere to regulatory standards governing corporate governance, risk management, cybersecurity, and data protection.

The regulator emphasized that customer data security remains a top priority, requiring payment ecosystem operators to implement strict encryption and access controls.

The central bank previously granted licenses to several domestic companies to operate as financial switch operators to modernize retail banking and expand electronic payments. Licensed firms included Bright Technologies, Al-Asjad, Nahda Technology, and Sudapost.

The initiative was designed to integrate telecommunications, utility companies, and government fee-collection systems into the national payment gateway, enabling direct bank transfers and supporting point-of-sale infrastructure for banks lacking independent networks.