South Sudan embraces digital age with new instant payment system
South Sudan has begun a transition into a new era of digital banking by adopting an instant payment system, moving away from its traditional manual exchange services.
The Central Bank announced that the new system is now available for commercial banks and businesses of all sizes, allowing them to transfer money instantly to their customers at any time, throughout the year, Sudan Tribune reports.
Central Bank Governor James Alic Garang described the upgrade as a significant step forward in the nation’s financial infrastructure. "The Bank of South Sudan is pleased to announce the launch of an electronic interbank trading platform, Refinity, for commercial and retail banks in South Sudan," the statement read.
Garang highlighted that this development is part of a broader vision to streamline banking processes, enhance efficiency, reduce risks, and increase transparency across the financial sector.
Maria Peter Mawien, a professional banker, praised the Central Bank's efforts, noting that while some critics focus solely on exchange rates, they overlook the broader functions and advancements within the bank. "We are not a young nation anymore; we are starting from where others are at the moment," Mawien said.
Mawien further explained the long-term benefits of the new system, stating that as more banks adopt this tool, individuals and businesses will experience significant advantages. "For example, individuals can instantly receive their paychecks and use them the same day, while small businesses can manage cash flows more efficiently without processing delays," added Mawien.
Customers of banks and credit unions that sign up for the service will be able to use their financial institution’s mobile app, website, and other platforms to send instant payments quickly and securely.
