The Bank of South Sudan
announced a groundbreaking initiative to launch the country's first National
Instant Payment (NIPS), in collaboration with the AfricaNenda Foundation.
In a press release seen by The
Radio Community, the governor of the Bank of South Sudan says this
transformative project marks a pivotal milestone in the modernization of South
Sudan's financial and payment infrastructure, advancing the bank's commitment
to providing enhanced financial services for all citizens.
“The initiative also aligns
with broader efforts to implement other critical infrastructures, such as
Automated Clearing House (ACH) and Real-Time Gross Settlement (RTGS) systems,”
said Johnny Ohisa Damian.
Johnny said the National
Instant Payment System is designed to enable real-time, secure, and
cost-effective transactions, promoting interoperability between banks, mobile
money providers, and other financial institutions.
He adds that, “As the backbone
of South Sudan's digital payment ecosystem, NIPS will facilitate a wide range
of financial transactions, including person-to-person (P2P), person-to-business
(P2B), government-to-person (G2P), and person-to-government (P2G) payments,
fostering greater inclusivity and efficiency in the financial sector.”
According to Johnny, the start
of the NIPS journey marks a monumental step forward for financial and
socio-economic inclusion in South Sudan.
“This partnership with
AfricaNenda Foundation is pivotal in transforming the financial services
landscape, fostering greater inclusivity, and creating a more resilient digital
economy.”
He says the key areas of focus
for the partnership include developing a detailed roadmap for NIPS
implementation, with clear milestones, and building the capacity of BOSS and
financial institutions to effectively oversee and manage the system.
As well as ensuring integration
and interoperability by collaborating with banks, telcos, and other
stakeholders.
“Following the successful 2023
3 proof-of-concept phase, which demonstrated high demand and feasibility, BOSS
and AfricaNenda are confident that NIPS will reshape South Sudan's financial
ecosystem,” Johnny said.
He said the initiative
underscores BOSS's commitment to building a sustainable, innovative, and
inclusive financial future for all South Sudanese citizens.
Instant payment systems are
transformative tools that redefine access to financial services and promote
inclusivity.
“With the launch of this
system, South Sudan is laying the foundation for a more connected and resilient
economy that benefits every citizen."
