The Bank of South Sudan (BoSS) is preparing to launch a national instant payments system in collaboration with the AfricaNenda Foundation, the bank said in a statement.
The initiative marks a significant step in modernizing South Sudan’s financial and payment infrastructure. BoSS described it as a crucial milestone in its commitment to providing improved financial services for all citizens.
The National Instant Payment System (NIPS) is designed to facilitate real-time, secure, and cost-effective transactions, enhancing interoperability between banks, mobile money providers, and other financial institutions, according to the central bank.
“As the backbone of South Sudan’s digital payment ecosystem, NIPS will facilitate a wide range of financial transactions, including person-to-person (P2P), person-to-business (P2B), government-to-person (G2P) and person-to-government (P2G) payments, fostering greater inclusivity and efficiency in the financial sector,” said the central bank.
The initiative aligns with broader efforts to implement key financial infrastructures, including an automated clearing house (ACH), real-time gross settlement (RTGS) systems, and instant funds transfer (IFT), for the bank which capped cash withdrawals at SSP 10,000,000 (~$76,700) last September (2024).
REGULATION | Central Bank of South Sudan Limits Cash Withdrawals to a Maximum of ~$76,700 – BitKEhttps://t.co/75XPgYgVR3
— TifaniesweTs (@TifaniesweTs) September 24, 2024
The partnership will focus on several key areas:
- Developing a detailed roadmap for NIPS implementation with clear milestones
- Building the capacity of BOSS and financial institutions to effectively oversee and manage the system. and
- Ensuring seamless integration and interoperability by collaborating with banks, telecom companies, and other organizations
“The start of the NIPS journey marks a monumental step forward for financial and socio-economic inclusion in South Sudan,” said BoSS governor Johnny Ohisa Damian in the announcement.
A proof-of-concept phase conducted in 2023 confirmed both the high demand for the system and its feasibility for the nation which has struggled with internal wrangles since becoming independent in 2011.
“We are proud to partner with the Bank of South Sudan on this landmark initiative,” said AfricaNenda Foundation chief executive Robert Ochola in his organisation’s own announcement.
“Instant payment systems are transformative tools that redefine access to financial services and promote inclusivity. With the launch of this system, South Sudan is laying the foundation for a more connected and resilient economy that benefits every citizen,” he added.
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