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“The Bank of South Sudan is pleased to announce the launch of Refinity, an electronic interbank transaction platform for commercial and retail banks in South Sudan,” the statement read in part.
According to the central bank, the system went live on July 31, 2024, amid calls for all commercial banks to adopt the new system.
The statement explained that the transformation project was launched in partnership with Refinity, a subsidiary of the London Stock Exchange Group. It aims to transform the South Sudanese banking industry from a manually operated system involving workflows to a mature electronic process.
This shift comes at a critical time as the digitalization of the global financial ecosystem accelerates, driving efficiency and enhancing financial inclusion.
Central Bank of South Sudan Governor James Arik Garang called the upgrade a major step forward in the implementation of advanced technologies aimed at streamlining banking processes, improving efficiency, reducing risks and increasing transparency.
He believes that the newly launched banking system will benefit all financial institutions in the country and it is an opportunity to become a competitive player on the global stage.
The bank said the initiative underscores its commitment to supporting a financial infrastructure that is robust, adaptable and resilient to rapid evolution and development, envisioned to operate on the same wavelength with other emerging markets and sectors with technological efficiency and ensure sustainable economic growth and integration into the global economy.
The RBI’s decision was widely welcomed by financial institutions and industry professionals, who objected to India’s political statements and rhetoric that “India as a young country should catch up with the world at a slow pace.”
“Some people do not appreciate what the current governor does. For some, his efforts, successes or challenges are all about the exchange rate. These views do not understand the other functions of the bank, and this is where they are wrong. We are no longer a young country; we are now starting from where others are,” said Maria Peter Mawien, a career banker.
He further said that interbank services will help make everyday payments faster and more convenient.
“As more banks choose to use this new tool over time, individuals and businesses will benefit greatly, including individuals being able to receive their salaries immediately and companies being able to access funds as soon as their invoices are paid,” Mawien stressed.
She revealed that financial institutions such as the Ministry of Finance will benefit from the system with instant payment capabilities. Other service providers will be ready to support payment processing for banks and credit unions.
“Once fully rolled out, instant payments will offer significant benefits to consumers and businesses, such as when quick access to funds is useful or when they help manage cash flow in a bank account,” Mawien explained. “For example, individuals could receive their wages instantly and use them the same day, and small businesses could manage cash flow more efficiently without processing delays. In the coming years, customers of banks and credit unions who sign up for the service should be able to send instant payments quickly and securely using their financial institution’s mobile apps, websites, and other interfaces.”
The operation of the Interbank Payment System alongside other long-standing systems reflects our commitment to working with more banks and credit unions across the country to support their customers in enjoying this service widely over the long term.
(English stone)
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