Africa-Press – South-Sudan. The Bank of South Sudan has launched the country’s first Interbank Payment and Settlement System, a major step toward enabling fast, secure, and reliable financial transactions across the country.
The system is expected to ease the transfer of funds and securities between banks, strengthen the national payment infrastructure, and improve efficiency in the financial sector.
According to the Central Bank, the system plays a key role in maintaining liquidity, managing risks, and promoting financial stability.
It allows banks to exchange funds and securities easily and ensures faster and safer financial transactions.
Speaking during the launch in Juba this morning, the governor of the Bank of South Sudan, Dr. Addis Ababa Othow, said the new system gives the financial regulator an important tool to manage liquidity, apply effective monetary policies, and protect the value of the South Sudan Pound.
He said the launch is a clear show of the Central Bank’s monetary independence and a renewed commitment to strong financial management.
Dr. Othow stressed that the system will end the era of slow, risky, and manual payment transfers.
He said it will make the financial sector more efficient and transparent, and reduce the cost of doing business in the country.
Dr. Othow added that it will also help improve access to financial services.
He said the launch is the result of years of vision, planning, and the hard work of many people.
“It will enable real-time payment, instant funds between the individuals and businesses 24 hours a day and 7 days a week. What it means is that you can make the payment instantly, instantly within the financial system across the banks,” said Dr Othow during the launch.
“We also will enhance interoperability, it also means seamless transaction across banks, mobile-learning platform, and filters. But we also know, and this has been part of our reform agenda, that it will promote financial inclusion. For so long, many of our people, especially the unbound populations have been left outside the former system and this will now expand the access to financial services to unbound populations and particularly the women, youth who form the majority of any society,” he added.
The Central Bank says the banking sector in South Sudan will continue to adopt new banking technologies and embrace innovations in interbank settlement.
For More News And Analysis About South-Sudan Follow Africa-Press
