South Sudan needs development banks that support post conflict reconstruction-Central Bank

South Sudan’s apex bank has revealed that it will fast track licensing of banks supporting housing, construction, industries , export and import.

The governor of the Bank of South Sudan, Moses Makur Deng said that the country needs post-conflict reconstruction after years of violence that stalled development.

“We license so many banks in South Sudan and some of them ran into troubles, some of them expect (that) by opening a bank they will get allocation of (hard) currency from the first year (but) that is not the case,” Moses Makur Deng said in Juba on Thursday.

Some of the financial institutions in South Sudan include; Kenya Commercial Bank or KCB, Equity Bank, Ecobank, Stanbic bank, Ivory bank, People’s bank, Eden Commercial Bank, Nile Commercial bank, Ethiopian Commercial Bank, Co-operative Bank, South Sudan Commercial Bank, National Investment and Development Bank, National Bank of Egypt, International Commercial Bank, Alpha bank, Agriculture Bank of South Sudan, Kush Bank, Buffalo Commercial Bank, Opportunity Bank, National Credit Bank, Qatar National Bank, Ebony National Bank among others.

Mr. Makur said the country’s central bank plans to revoke licenses of commercial banks that fail to live up to their mandate.

Makur was speaking during the launch of operations of the National Investment and Development Bank SS PLC in Juba.

He disclosed that a total of 14 banks are in dilemma, adding that the Bank of South Sudan has given them ultimatum to sort out their issues before or by October 2022.

“Those banks that have liceses and are not operating, you can tell us whether you are coming back or not if you are not coming you give us the license and go. So many banks are going to be closed but strangely, so many banks are applying,” Said Makur.