by TINTSWALO BALOYI
JOHANNESBURG, (CAJ News) – THE shift from paper-based manual processes to modern digital systems is a milestone in South Sudan’s financial sector and the nation’s digital transformation.
The Bank of South Sudan (BoSS) has achieved that with the launch of the country’s first electronic Interbank Payment and Settlement System (IPSS).
The new system enables real-time bank-to-bank transactions, enhances the safety of financial transactions and improves overall efficiency.
It is also geared towards supporting mobile money integration, reducing processing cost, saving time and enhancing transparency as well as accountability across the banking sector.
Martin Elia Lomuro, National Minister of Cabinet Affairs, said, “This underscores the government’s commitment towards strengthening service delivery through continued financial reform.”
He represented President Salva Kiir at the weekend launch of IPSS.
Addis Ababa Othow, the BoSS governor, said the system would enhance financial inclusion, with direct benefits to women, youth and the rural population.
These groups are seen as marginalized in the financial sector of the East African country.
The South Sudan Bankers Association, African Development Bank (AfDB) and East African Community (EAC) have endorsed IPSS, which officials said aligns the financial systems of South Sudan with regional reforms, boosts trade and enhances deposit security.
The world’s newest country, after attaining independence in 2011, is making up for time lost during a subsequent civil war, to grow its economy.
The government and the private sector are working together towards a cashless economy amid the insecurity that persists in the nation of over 12 million people.
– CAJ News