South Sudan has made a significant stride in its economic development by signing a pivotal cooperation agreement with the United Arab Emirates.
This initiative aims to bolster the country’s banking framework and promote financial innovation.
The signing ceremony took place in the UAE, attended by Vice President for the Economic Cluster, Dr. Benjamin Bol Mel alongside Shakhbout bin Nahyan Al Nahyan, Cabinet Member and Minister of State at the Ministry of Foreign Affairs.
The Memorandum of Understanding (MoU) was formally agreed upon by Dr. Addis Ababa Othow, the Governor of the Bank of South Sudan and Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE.
This agreement lays the foundation for advanced, secure, and efficient payment card transaction systems in South Sudan, aligning with international best practices.
Vice President Dr. Benjamin Bol Mel emphasized the urgency for both institutions to expedite efforts, envisioning a future where South Sudan emerges as a key hub for modern payment processing.
This development is expected to benefit businesses, consumers, and the overall economy.
The MoU also encompasses knowledge exchange and capacity-building initiatives aimed at equipping South Sudanese banking professionals with essential technical skills.
This training is vital for managing and regulating a secure, competitive, and innovative financial sector.
Officials indicate that the successful execution of this agreement will facilitate quicker transactions, enhance financial inclusion, and create greater opportunities for citizens to engage confidently in the national economy