South Sudan's English Daily Newspaper
"We Dare where others fear"
By Awan Achiek
The Bank of South Sudan (BoSS) has announced a significant milestone in the World Bank’s 3SF Project.
Launched in October 2024, the $18 million project aimed to strengthen the institutional and supervisory capacity of the Bank of South Sudan and improve the efficiency of core financial sector infrastructure.
The five-year project, dubbed “Strengthening South Sudan’s Financial Sector” (3SF), sought to establish a banking and financial institute, develop a financial sector development strategy, and create a roadmap for the bank.
In a statement issued on Saturday, marking two years of the project, the Bank of South Sudan stated that the initiative helped to upgrade and modernise the internal governance structures of the bank.
It also said the project established a reliable framework for solid accountability and transparency in resource management.
“The process has seen the establishment of the Modern National Payment Systems (NPS) to streamline the movement of money internationally, provide a more efficient government payment system where disbursements are more expeditious, and offer investors faster and safer money transfers,” it said.
It said The system has also increased digital finance that supports mobile money and fintech innovations, extending financial access to rural populations.
“Through improved digital systems, South Sudanese citizens now experience faster and more reliable banking services,” it added.
“Civil servants now benefit from timely and accurate payments, and investors are more motivated to engage with a modern and secure infrastructure, which is a major boost to public and investor confidence.”
The project also aimed to establish the South Sudan Institute of Banking and Finance (SSIBF), which will provide essential skills and knowledge to banking and finance professionals.
The institute will help build human resource capacity to enhance the banking sector.
“The institute’s establishment procedures are almost complete, and it aims to commence teaching activities by the end of 2025.”
It said that Under this project, hundreds of banking professionals have been trained in crucial areas, including monetary policy, risk management, banking supervision, financial analysis, and information technology.
“The improvement of the Bank of South Sudan’s financial stability regulation capacity has been achieved through the adoption of new tools for monitoring commercial banks to ensure compliance with banking standards,” it said.
“This includes upgrading systems and training staff to enhance the bank’s capability to respond to external shocks, safeguard reserves, and draft upgraded regulations that align with global standards, enabling South Sudan to integrate with regional and global markets.”
It said the bank has also introduced a modern, world-class Monitoring and Evaluation Framework to measure and audit operational gaps and recommend viable remedies for continuous improvement and growth.
