South Sudan launches modern interbank services

“The Bank of South Sudan is pleased to announce the launch of an electronic interbank trading platform, Refinity, for commercial and retail banks in South Sudan,”the statement reads in part.

The system, according to the Central Bank was launched on July 31, 2024, amid calls for the acquisition of the new system by all commercial banks.

The statement explained that this transformative project has been launched in collaboration with Refinity, part of the London Stock Exchange group. It aims to transition the South Sudan banking sector from a manual operational system, involving workflow to a fully-fledged electronic process.

The transition comes at a crucial time as the digitalization of the financial ecosystem accelerates globally, driving efficiency and enhancing financial inclusion.

South Sudan’s Central Bank Governor, James Alic Garang described the upgrade as a significant development in the implementation of advanced technology envisioned to streamline banking processes with efficiency, reducing risks and enhancing transparency.

He argued that the newly launched banking system would benefit all financial institutions in the country, this an opportunity to become competitive players on the global stage.

The initiative, according to the bank, underscores commitment to supporting a robust, adjusting, and adapting to a rapidly evolving and developing financial infrastructure envisioned to operate with technological efficiency on the same wavelength as other emerging markets and industries and ensuring sustainable economic growth and integration into the global economy.

The decision of the bank has been widely accepted by financial institutions and professionals in the industry, objecting to political statements and rhetoric of being a young nation to catch up at a slow pace with the world.

“There are people who do not appreciate what the current governor is doing. For some, his efforts, successes, or challenges are tied to exchange rates. These perspectives do not understand the other functions of the bank and this is where they go wrong. We are not a young nation anymore; we are starting from where others are at the moment”,  Maria Peter Mawien,  a banker by profession, said.

Mawien explains: When fully available, instant payments will provide substantial benefits for consumers and businesses, such as when rapid access to funds is useful, or when just-in-time payments help manage cash flows in bank accounts. For example, individuals can instantly receive their paychecks and use them the same day, and small businesses can more efficiently manage cash flows without processing delays. Over the coming years, customers of banks and credit unions that sign up for the service should be able to use their financial institution’s mobile app, website, and other interfaces to send instant payments quickly and securely”

The interbank payment system operates alongside other longstanding as a demonstration of commitment to working with more banks and credit unions across the country to support the widespread availability of this service for their customers over time.

(ST)