South Sudan's English Daily Newspaper
"We Dare where others fear"
By Benjamin Takpiny
The Bank of South Sudan (BOSS) has announced the launch of an electronic interbank trading platform, Refinitiv for commercial and retail banks in South Sudan.
“This system had already gone live as of July 31, 2024, and the BoSS encourages all commercial banks without the system to acquire it as soon as possible,” the Governor of Bank of South Sudan James Alic Garang said in a statement issued on Thursday in Juba.
He said that this transformative project, in collaboration with the Refinitiv, part of the London Stock Exchange Group, aims to transition the South Sudan banking sector from its current manual operational workflow to a fully-fledged electronic process.
“This transition comes at a crucial time as the digitalization of financial ecosystem accelerates globally, driving efficiency and enhancing financial inclusion,” Alic said.
Alic said that this significant upgrade and implementation of advanced technology and streamlined processes will drive efficiency, reduce risks, and enhance transparency.
“It will ultimately benefit the entire financial community and position South Sudan as a competitive player on the international financial stage,” he disclosed.
Alic said the initiative underscores the Bank’s commitment to support the development of robust financial infrastructure in line with the other emerging markets, ensuring sustainable economic growth and integration into the global economy.
He added that the bank will continue to work closely with all stakeholders to ensure a smooth transition to this new digital platform.
