Central bank to introduce modern payment system

The Bank of South Sudan plans to introduce modern and efficient electronic payment system.

“The bank of South Sudan embarks on key strategic transformation projects including, rolling out modern and efficient payment system, it will be out soon, the national payment system will fundamentally transform the financial landscape of the banking sector in South Sudan,” said Johnny Ohisa Damian, the Governor for the Bank of South Sudan.

He was speaking to journalists during the opening of the symposium on review of banking legislation in Juba.

Ohisa said building robust and accountable institutions is critical for achieving a stable geopolitical environment that encourages business.

 “Solid legislation and legal frameworks that encompass and take into consideration the dynamics of regional and global outlook are indispensable in our cause to lay a foundation for a prosperous nation,” he said.

Ohisa added the mandate to discharge responsibilities become feasible and seamless when these institutions are well-grounded through laws and forward looking legislation.

Gichira Kibara, the Chairperson for National Constitution Amendment Committee (NCAC) said they have finalized various laws in the banking sector.

In addition, he disclosed they will review investment Act in January 2023.

“We have looked at the various other laws that affect the banking sector, we have already looked at Public Finance Management and Administration Act, we have also looked at the National Revenue Authority Act, and we are in the process of concluding that,” said Kibara.

Kibara also said they have reviewed the petroleum laws, Anti-Corruption Act.

He noted all these laws are geared towards improving the financial and economic environment in South Sudan in order to support development and sustainable peace.