Matia Samuel
Africa-Press – South-Sudan. The Reconstituted Transitional National Legislative Assembly passed the Banking and other Financial Institutions Bill 2023 to the third reading.
The Bill was passed yesterday to the third reading with all the observations and recommendations.
The bill aims to provide legal spine for the establishment, regulation, and supervision of banks and other financial institutions in the country.
The speaker Jemma Nunu Kumba referred the Bill to the specialised parliamentary committee on finance and economic planning for scrutiny.
It is expected to be tabled for the third reading within 14 days.
Addressing the media after the sitting, John Agany, the information chairperson of the parliament, said the bill was important to ensure the banking system keeps the wealth of the nation in the standard forms for development.
“They (banks) can benefit the communities by getting loans from these institutions,” he said.
“This will give a lot of room to people to prosper in development and because other livelihoods can be improved by this banking system.”
Agany stressed the importance of educating the citizens on the banking system, saying that most people do not understand the functions of the banks.
“For lay people who have come out from the war like South Sudan, this kind of arrangement must be made for people to understand what banking system is,” he stated.
He noted, “Some people are keeping money at home because they don’t know even the banking system.”
Also, he said most of the organizations working in South Sudan do not bank their money within the country due to security concerns.
He appealed to the government to encourage the banking sector and improve security to enable the international organisations to start banking in the county.
“We have the problem of insecurity which sometimes disturbs people with huge amounts of money.
“You cannot bring it (money) where the security is not granted. I think the government has to put in place the security-wise situation,” he explained.
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