JUBA – The Bank of South Sudan has launched the South Sudan Interbank Settlement and Payment System (SSIPSS) to ease transactions and address liquidity crises.
The system will facilitate smooth transfer of funds and security among banks and promote financial stability.
Bank Governor Dr. Addis Ababa Othow said payment system will transform South Sudan’s existing cash-based economy which has resulted in many risks and left majority of citizens financially excluded.
“The existing cash-based system that we all know has imposed high costs and risks associated with moving physical cash but has also left a large part of our people financially excluded as a reduced efficiency in doing businesses and hindered the delivery of government services,” he said.
“The national payment system is our strategic response to all these challenges. It lays the foundation of a modern digital financial infrastructure, making financial services faster, safer, more affordable and accessible to all.”
Cabinet Minister Dr. Martin Elia Lomuro, speaking on behalf of President Kiir, said the payment system will help the government in regulating banking transactions to mitigate loss of revenue.
Lomuro accused some commercial banks of shipping money out of the country.
“For years, I have been fighting, but there’s no country that can be run without a payment system. I feel that the private banks in our country are not being controlled. A lot of money has gone out of this country. This is the only country where people ship money out. Is that not true? From today with this system, we expect the banks to be fully compliant with the laws and regulations of our country.
“When we have a system that is free and it should not be abused. The president wants this economic system to deliver for the people, for the manifesto for which he was voted as the president of this country.”