Nile Commercial Bank to open new offices in South Sudan
Aug 12, 2006 (JUBA) — Southern Sudan based Nile Commercial Bank (NCB) announced the opening of its offices in Malakal on August 14th, and Renk on August 17th, 2006. The two new branches are located in the Upper Nile State.
The NCB plans, before the end of the current year, to open branches in Bentiu the oil producing area, Torit the capital of Eastern Equatoria State, Awiel in northern Bahr El Gazal.
The establishment of a banking institution in the SPLM controlled areas was in response to the needs of southern Sudanese because people have no access to capital for such a long time.
The NCB offers many banking services: current accounts, saving accounts, micro finance, commercial loans including but not limited to vehicles, school fees, housing, furniture etc, salary loan scheme effective April 1st, 2006 and trade Finance.
In last March, the NCB launched the value transfer service to/from south Sudan. This service has been launched due to increasing needs for money transfers to south Sudan by UN agencies, International Non governmental organisations, local NGOs and businesses currently operating in south Sudan.
The bank has operational offices in Yambio in Western Equatoria, Rumbek in Lakes State, Yei in the Central Equatoria State, Juba the capital of southern Sudan Government, Wau in Bahrl El Gazal.
The non existence of basic infrastructure in South Sudan and the lack of banking knowledge among the populace constitute great challenge to the banking sector and indeed to all sectors as well.
(ST)