By Alan Clement
The Bank of South Sudan has called on the public to embrace the South Sudan Interbank Payment and Settlement System (SSIPSS) as its launch approaches.
According the BoSS’ statement, the official launch date of SSIPSS, a new platform designed to modernize and secure the country’s financial infrastructure will soon be announced by the Bank’s senior management.
According to Akum David Sabahker, Director of the National Payment System, the project represents a major leap forward in financial sector reform and digital transformation. “The Bank of South Sudan is proud to announce the implementation of the South Sudan Interbank Payment and Settlement System,” Sabahker said describing the system as “a transformative initiative designed to modernize and secure a nation’s financial infrastructure.”
SSIPSS will integrate several key financial platforms, including the Real Time Gross Settlement (RTGS), which will enable immediate, high-value transactions between banks. “As soon as you initiate a transaction, the transaction is realized just in real-time, like a blink of an eye,” Sabahker explained. “It also ensures immediate settlement, and it is final. This reduces systemic risk.”
Additionally, it will incorporate an Automated Clearing House (ACH) to handle bulk payments such as government salaries, utilities, and transfers, as well as a Central Securities Depository (CSD) to safeguard electronic financial securities and facilitate trading of government and corporate bonds.
Another key feature of the systems is the Instant Fund Transfer (IFT) system, which will allow real-time low-value payments between individuals and businesses. This is expected to promote financial inclusion and support mobile and digital banking services across South Sudan.
The Director explained the broad benefits of the system which include, reduced transaction costs, strengthened public financial management, and improved transparency. “For the economy as a whole, SSIPSS will enhance financial stability and support economic growth by enabling faster and more transparent payments,” he said.
He also highlighted the impact on citizens and institutions alike. “Citizens will benefit from safer, quicker and more accessible financial services, whether paying bills, receiving salaries or sending money to families across the country,” he noted while for businesses, it will improve cash flow, reduce delays, and automate digital processing. For the government, Sabahker explained, “it will strengthen revenue collection and digital governance.”
The Director urged the public to embrace the new system, saying it represents more than just a technological shift. “South Sudan Interbank Payment and Settlement System is not just a system. It is a foundation for a modern, inclusive and resilient financial ecosystem,” Sabahker said.
The Bank of South Sudan has adopted the motto “Building Trust and Enabling Growth” to reflect its commitment to fostering a robust and inclusive financial environment. As the country awaits the official launch, SSIPSS stands poised to reshape South Sudan’s financial landscape and drive sustainable economic development.