from ANYANG GARANG in Juba, South Sudan
South Sudan Bureau
JUBA, (CAJ News) – THE country’s central bank has ended months of speculation and doubt by finally announcing the launch of the South Sudan Interbank Payment and Settlement System (SSIPS).
The Bank of South Sudan (BoSS) discloses that the system will go live on October 10, a landmark in the digital transformation of the world’s newest country.
Addis Ababa Othow, Governor, the BoSS governor, disclosed the date, which will culminate in all banks connected to SSIPS.
The launch in the capital Juba will precede the system going live.
“This is a foundational step towards a more prosperous and digitally empowered future for our nation,” Othow announced.
“This landmark initiave represents a transformative leap in the nation’s financial infrastructure, designed to modernise and secure the backbone of South Sudan’s banking system.”
SSIPS is to enable mobile banking, real-time retail payments and digital financial services in the East African country.
“More than a technical platform, SSIPS is a catalyst for economic growth, a tool for financial stability and a gateway to financial inclusion for all citizens of South Sudan,” Othow said.
“As the central nervous system of South Sudan’s banking sector SSIPS will ensure faster, safer and more reliable fund flows between financial institutions, providing the foundation for a modern and trusted financial backbone.”
BoSS has spent months celebrating the imminent system but its failure to confirm when it would go live had resulted in uncertainty in the markets.
The South Sudanese economy has not been spared by the recurrent political problems since the country attained independence from Sudan in 2011.
– CAJ News