By Anak Dut

The Bank of South Sudan said on Monday that it has launched the country’s first National Instant Payment System in partnership with the AfricaNends Foundation.

In a statement released yesterday, Johny Ohisa Damian, the Governor of the Bank of South Sudan 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.

“Instant payment systems are transformative tools that redefine access to financial services and promote inclusivity,” he said.

Ohisa hailed the launch, saying the transformative project marks a pivotal milestone in the modernization of South Sudan’s financial and payment infrastructure as it demonstrates 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 Houses and Real-Time Groes Settlement systems.

Also, it will facilitate a wide range of financial transactions, including person-to-person, person-to-business, government-to-person and person-to-government payments, fostering greater inclusivity and efficiency in the financial sector.

The Boss governor continued that the partnership with AfricaNenda Foundation is pivotal in transforming the financial services landscape, fostering greater inclusivity, and creating a more resilient digital economy as it focuses on Key areas.

According to him, this initiative came following the successful proof-of-concept phase of 2023, which demonstrated high demand and feasibility

“With the launch of this system, South Sudan is laying the foundation for a more connected and resilient economy that benefits every citizen,” Ohisa remarked.

BOSS says the initiative underscores BOSS commitment to building a sustainable, innovative, and inclusive financial future for all south Sudanese citizens.