S. Sudan opens branch in Warrap State to boost financial services

The deputy governor of the Central Bank, Anyiel Gordon Kuol, Charles Majak Aleer, an area member of the national legislative assembly plus other board members of the Central Bank attended the occasion in Kuajok.

The governor and his accompanying delegation were received on arrival by the acting governor of Warrap state, Aluel Garang Adup, and other senior officials and cabinet members in the state administration.

The laying of the new brick-and-mortar branches is seen as part of the growth strategy that the new leadership of the bank advocates to diversity the national economy by encouraging financial inclusion through saving and lending finances to the smallholder farmers and those running enterprises, most of which are at a lower level in states.

The commissioning of the new branch of the Central Bank of South Sudan in Kuajok brings the number of the total branches across the country to eight.

The branches of the bank, spread across the country are located at Nimule, Malakal, Wau, Yei, Aweil, Rumbek, and Bor. Governor Garang, speaking at the reception, described the move as part of the Bank’s plan to deepen its presence in fast-growing regions and part of the efforts of his leadership in collaboration with the executive at the state and national level under the guidance of president Salva Kiir to extend financial services to the lower structure and the society.

“As a tier one bank, we are keen on increasing our presence as this underpins our growth strategy. The investments we are making are not only a show of the bank’s financial strength but also a sign of commitment to creating more convenience for our customers.

The new governor of the Bank of South Sudan is seen as someone with an ambitious plan to expand financial services to South Sudanese in the diaspora through digital platforms, making it easier for customers and non-customers living and working abroad to meet their banking, savings, and payment needs.

If the plan is approved by the board of the bank and is rolled out, it will be the first latest effort with the view of enhancing the process of sending money and managing projects from other countries, addressing challenges faced by a majority of South Sudanese in the Diaspora.

Financial and banking analysts have argued that embracing this self-service platform will encourage  South Sudan abroad to complete the onboarding process within minutes using their mobile phones or the bank’s online platform.

When successfully implemented, the bank customers and non-customers would simply visit the bank’s website or download the Banking app, complete the registration process, and begin transacting, with charges from digital transactions becoming sources of revenue for South Sudan government.

Jacob Marial Mading, an Australian-based South Sudanese trained in finance and banking hailed the efforts of the new leadership of the bank, citing the importance of digital banking services and the fundamental roles they play in boosting economic growth.

Mading explained that digital solutions empower Diaspora clients to participate in local investments after completing the onboarding process.

The platform would provide a seamless experience for Diaspora transactions, including mobile banking for easy money transfers to recipients’ phones, which is a common payment method for education, medical care, household expenses, groceries, and shopping.

“As South Sudan, we need to move at the same pace of technology as the rest of the world. We need to wean ourselves from the slogan of being a new nation. We should accept that we are no longer a young nation. If we were a child, we would have grown and would be sitting alone. We are now more than 13 years since becoming independent and 19 years since 2005 when we became a self-governing region, autonomous from the rest of Sudan.  19 years old is young enough to catch up with the rest of the world”, explained Mading.

He said Sudanese living abroad understand the aspirations and commitment to unlock their immense economic potential and value through innovative people-centered solutions.

This proposition will offer various banking options as if the customers were living in the country. South Sudanese  in the Diaspora live in other African countries, the Middle East, America, or Europe.

They continue transacting without having to travel back home, but support family members and lineage.

A digital transaction will help Diaspora customers have an opportunity to access savings and payment options at competitive foreign exchange rates in the comfort of their smartphones, tablets, or computers, beyond supporting their friends and relatives.

This solution simplifies the remittance process for South Sudanese living and working across Africa, the United States of America, and the United Kingdom, leveraging the bank’s Pan-African presence and global network.

The strategy aligns well with the opportunities presented by the Africa Continental Free Trade Area (AfCFTA) and the growing importance of South Sudanese abroad in the local economy.

(ST)