The Bank of South Sudan (BoSS) is set to launch the country’s first National Instant Payment System (NIPS) in collaboration with the AfricaNenda Foundation.
This announcement was contained in a joint statement issued by the Bank of South Sudan and AfricaNenda on Monday.
|
|
Following South Sudan’s independence in July 2011, the Bank of South Sudan was established under the Bank of South Sudan Act, 2011.
Since gaining independence, the country has struggled with internal conflicts. However, this initiative by the central bank aims to expand instant payment systems across Africa.
|
|
|
|---|
The National Instant Payment System (NIPS) is designed to enable real-time, secure, and cost-effective transactions, promoting interoperability between banks, mobile money providers, and other financial institutions.
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.
“The launch of NIPS marks a monumental step forward for financial and socio-economic inclusion in South Sudan,” said Johnny Damian, governor of the Bank of South Sudan.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
“This partnership with AfricaNenda Foundation is pivotal in transforming the financial services landscape, fostering greater inclusivity, and creating a more resilient digital economy,” he added.
Beyond increasing financial accessibility, the system is expected to empower businesses, streamline government operations, and enable citizens to thrive in a modern digital economy.
ALSO READ: Financial Inclusion: Nigeria leads in instant payment system inclusivity index in Africa— Report
Robert Ochola, CEO of the AfricaNenda Foundation, said the initiative underscores BoSS’s commitment to building a sustainable, innovative, and inclusive financial future for all South Sudanese citizens.
“We are proud to partner with the Bank of South Sudan on this landmark initiative,” said Mr Ochola.
AfricaNenda Foundation is an African-led organisation dedicated to unlocking the potential of digital financial services for the financially excluded across the continent by accelerating the scale-up of instant and inclusive payment systems.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
