The Cooperative Bank of South Sudan has established itself as one of the country’s leading financial institutions. It plays a critical role in the financial lives of citizens by paying salaries for both government and non-government employees. With services such as Internet Banking and Mobile Banking, the bank has taken meaningful steps toward embracing digital transformation.
However, in the current financial landscape of South Sudan, challenges persist. Among them are the limited circulation of South Sudan Pounds (SSP) and the strict withdrawal caps set by the bank, restricting customers to only 200,000–250,000 SSP per transaction. This creates barriers for individuals and businesses alike, making it difficult to access sufficient liquidity when needed.
The Case for Expanded Mobile Banking Options
Mobile banking has already proven to be a vital solution in bridging financial gaps across Africa. Yet, in South Sudan, the scope of services remains limited. At present, the Bank of South Sudan has approved digital transactions with MoMo (MTN Mobile Money) a commendable first step.
But to truly empower customers, the Cooperative Bank of South Sudan should consider expanding its mobile banking options to include interoperability with Mobile Money Uganda, MoMo South Sudan, and M-PESA Kenya. This cross-platform integration would:
- Facilitate easy transactions across borders, benefiting traders, workers, and families with financial ties in neighboring countries.
- Alleviate the strain of limited SSP circulation by allowing digital transfers that reduce dependence on physical cash.
- Promote financial inclusion by giving more citizens access to secure, reliable, and convenient digital financial services.
Addressing the Currency Challenge
The shortage of South Sudan Pounds in circulation has long been a concern. By prioritizing digital transactions through multiple mobile platforms, the Cooperative Bank of South Sudan can directly address this issue. Customers would no longer be constrained by withdrawal limits alone, as they could seamlessly move funds across digital wallets without the need for large cash withdrawals.
A Call to Action
The Cooperative Bank of South Sudan has an opportunity to lead the way in financial innovation by embracing regional mobile money interoperability. Doing so will not only strengthen customer trust but also support economic resilience in South Sudan.
As a South Sudanese citizen, I urge the Cooperative Bank of South Sudan to urgently consider expanding its digital services to include transactions across MoMo, M-PESA, and Mobile Money Uganda. This step will solve pressing liquidity challenges and position the bank as a true champion of financial inclusion in the region.
This article is an opinion piece authored by: Mr. Lwanga Tiba Charles and can be reach at Email: lwangatiba@gmail.com