Bank Of South Sudan Launches The Country’s First National Instant Payment System
The Bank of South Sudan (Boss) is proud to announce a groundbreaking initiative in partnership with the African Foundation to launch the country’s first national instant payment system (NIP). This transformative project marks a key milestone in the modernization of South Sudan’s financial and payment infrastructure, promoting the bank’s commitment to deliver enhanced financial services to all citizens. The initiative also aligns with broader efforts to integrate other critical infrastructures such as the automated clearing room (ACH) and real-time total summation solution (RTGS) systems and Instants Fund Transfer (IFT)
The National Instant Payment System is designed to enable real-time, secure and cost-effective transactions, facilitating interoperability between banks, mobile currency providers and other financial institutions. As the backbone of South Sudan’s digital payment ecosystem, NIP will promote various financial transactions, including characters
People (P2P), People and Business (P2B), Government-to-people (G2P) and Government (P2G) payments promote greater inclusion and efficiency in the financial sector.
“The beginning of the NIPS journey marks a huge step forward in financial and socio-economic inclusion in South Sudan,” said Governor Johnny Ohisa Damian of South Sudan. This partnership with the Africanenda Foundation is crucial in changing the financial services landscape, promoting greater inclusion and creating a more resilient digital economy.”
Key areas of partnerships include:
• Develop a detailed roadmap to implement NIP with clear milestones.
• Establish the ability of bosses and financial institutions to effectively supervise and manage systems.
• Ensure integration and interoperability by working with banks, telecom companies and other stakeholders.
After a successful 2023 proof-of-concept phase (which showed high demand and feasibility), Boss and Africanenda are confident that NIPS will reshape South Sudan’s financial ecosystem. In addition to increasing financial accessibility, the system will empower businesses to simplify government operations and enable citizens to thrive in the modern digital economy.
This initiative, Uunderscores bosses are committed to building a sustainable, innovative and inclusive financial future for all South Sudanese citizens.
“We are honored to work with Bank of South Sudan to develop this landmark plan,” said Robert Ochola, CEO of the Africanenda Foundation. “Instant payment system
is a transformative tool that redefines access to financial services and promotes inclusion. With the launch of the system, South Sudan is laying the foundation for a more connected and resilient economy that benefits every citizen. ”
About Bank of South Sudan
After South Sudan’s independence in July 2011, the Bank of South Sudan (Boss) was established by the Bank of South Sudan in 2011. The Act complies with the mandate provided for in Sections 53(3)(b) and Section 85(1). The 2011 Transitional Constitution of the Republic of South Sudan.
The boss is an autonomous central bank whose main goal is to maintain price stability and promote a healthy domestic economy. This is through:
• Ensure a stable and efficient market-based financial system with strong liquidity and solvency.
• Promote a safe and reliable national payment system that contributes to the stability of the overall financial system.
In addition, the boss supports the general economic policy of the Government of South Sudan (GOSS) aimed at promoting sustainable economic growth in the country.
For more information: www.boss.gov.ss
About the African Foundation
Africanenda Foundation is an African-led team of experts dedicated to unlocking the potential of financially excluded digital financial services across the continent by accelerating the scale of instant and inclusive payment systems. Africanenda’s approach is to provide technical expertise to public and private sector stakeholders and the ability to reduce digital payment barriers.
The mission of Africans is to enable everyone in Africa to conduct seamless digital transactions and to be on the continent at low cost from 2030 to 2030.
For more information: www.africanenda.org
