By Lodu William Odiya
The Bank of South Sudan and the Central Bank of the United Arab Emirates has signed a Memorandum of Understanding to deepen cooperation in modern banking infrastructure and financial innovation.
In a statement released by the Vice president’s press unit, the initiative would deepen cooperation in modern banking.
“This MoU paves the way for advanced, secure, and efficient systems for switching and processing payment card transactions in South Sudan – safely, reliably and fully aligned with international best practices” the statement read.
The statement highlighted that the agreement was signed by Dr. Addis Ababa Othow, Governor of the Bank of South Sudan, and H.E. Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE (on behalf of the UAE Governor),
It further noted that the signing was witnessed by Vice President Dr. Benjamin Bol Mel and His Excellency Sheikh Shakhbout bin Nahyan Al Nahyan, Cabinet Member and Minister of State in the Ministry of Foreign Affairs.
It also emphasized that the cooperation also encompasses the exchange of knowledge and expertise, along with capacity-building initiatives to equip South Sudanese banking professionals with the technical skills required to manage and regulate a competitive, secure, and innovative financial sector.
The statement underscored the Vice President Dr. Benjamin Bol Mel urged both institutions to work swiftly towards a phase where South Sudan will stand as a fully capable hub for modern payment processing – a development that will benefit businesses, consumers, and the broader economy.
It also noted that as it is implemented, the partnership would open doors to faster transactions, greater financial inclusion, and more opportunities for citizens to engage in the economy with confidence.
It underlined this achievement was made possible under the guidance and leadership of H.E. President Salva Kiir Mayardit, whose visit to the UAE in June this year laid the groundwork.
The visit focused on finalizing investment agreements and identifying new areas of cooperation.
South Sudan has been seeking to diversify its economy away from oil dependence by attracting foreign investment into other key sectors.