By Yiep Joseph
The Bank of South Sudan (BoSS) has launched the country’s first Interbank Payment and Settlement System to ease transactions.
According to the stakeholders, the initiative, which was officially launched on Friday, adds to the success stories toward modernization of the banking system in the Republic of South Sudan.
In his keynotes during the launch at the headquarters, Dr. Addis Ababa Othow, the governor of the Bank of South Sudan, expressed that the initiative will enable fast, secure, and reliable financial transactions across the country and the region.
“The system that we launch today is an engine of the broader economy; it will enable instant payment and instant funds between the individuals and businesses 24/7. What it means is that you make the payment instantly within the financial system across the banks,” Othow said.
He added that the system will ease transactions across the banks as well as lower the cost of business.
Being part of the reforms, the government reiterated that the system will improve transparency and accountability.
“More importantly, it will strengthen the trust in the financial system. Some have reminded us that trust is a currency, and we need to have within the system the trust between us as the Bank of South Sudan and the commercial bank,” he said.
He called on all stakeholders to support and put to use the system in order for it to realize its mission.
“To our partners, telecom operators, fintech companies, and the frontliners who will deliver the real version to our people, your role is very important,” he said.
On her part, the Chairperson of the South Sudan Bankers’ Association (SSBA), Bruna Cirisio, reaffirmed commitment toward the system.
She added that the system will help the commercial banks to easily connect in regard to their financial activities.
“With this payment and settlement system, we as commercial banks can connect our financial activities very fast within our country, even with East Africa. You also know this will be integrated into the East African payment system,” she said.
Garang Majak Bol, first undersecretary for finance and planning, added that the system laid a strong foundation for financial modernization.
“We are therefore planting the seed of a digital financial system that is fixed for purpose and being for our future,” he said.
He appreciated the stakeholders behind the initiative and urged them to continue to support the system.
On his part, the Minister of Cabinet Affairs, Dr. Martin Elia Lomuro, who was representing President Salva Kiir as the guest of honor during the launching, called for immediate implementation.
Dr. Elia officially launched the system and reaffirmed the government’s commitment toward modernization of the financial sector.
He appreciated the Bank of South Sudan and all stakeholders for the initiative, citing that President Salva, whom he represented, appreciated their efforts.