Africa-Press – South-Sudan. The Bank of South Sudan and the Central Bank of the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) to establish a broad framework for cooperation in security printing, payment card transaction processing, and technical capacity building.
The agreement was signed on Wednesday in Abu Dhabi following the visit of South Sudan’s Vice President for the Economic Cluster, Benjamin Bol Mel. The signing ceremony was witnessed by Sheikh Shakhbout bin Nahyan Al Nahyan, UAE Minister of State in the Ministry of Foreign Affairs, and Vice President Bol Mel.
The MoU was signed by Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE, and Dr. Addis Ababa Otto, Governor of the Bank of South Sudan.
Under the deal, the UAE will support South Sudan in developing secure banknote printing through “Omlat,” a subsidiary of the Central Bank of the UAE. The agreement also outlines a two-phase plan by Al Etihad Payments, another UAE Central Bank subsidiary, to establish a national payment card system in South Sudan.
According to Emirates News Agency, the first phase will focus on providing advanced solutions for switching and processing domestic payment card transactions, ensuring efficiency, security, and data confidentiality in line with international best practices. The second phase will involve building the infrastructure to process these transactions locally.
The partnership will also enable the exchange of expertise and information between the two central banks. South Sudanese banking personnel will receive technical training in banking supervision and monetary operations through programs offered by the Emirates Institute of Finance.
Dr. Addis Ababa Otto hailed the agreement as a milestone for South Sudan’s financial sector.
“We are pleased to sign this MoU, which sets a framework for joint cooperation and supports efforts to deepen economic partnership between our two countries,” he said. “We value the UAE’s expertise in security printing and innovative payment solutions, and we look forward to working together to advance South Sudan’s financial services sector in line with the highest international standards.”
Khalid Mohammed Balama, Governor of the Central Bank of the UAE, said the partnership reflects the two countries’ shared vision for economic cooperation.
“This agreement embodies our commitment to building strategic partnerships with friendly nations and enhancing the financial and banking sectors through knowledge sharing and technical assistance,” he said. “It also contributes to safeguarding the regional and global financial system.”
According to the Emirates News Agency (WAM), the cooperation is expected to bolster economic ties between South Sudan and the UAE while enhancing trade and investment prospects.
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