The Bank of South Sudan (BoSS) is preparing to roll out a new payment system that officials say will revolutionize the nation’s financial landscape.
Unveiled in a statement issued Tuesday, the South Sudan Interbank Payment Settlement System (SSIPSS), a project in the works for some time, is expected to bring faster, more secure transactions for banks and businesses.
Central Bank Governor Dr. Addis Ababa Othow announced the upcoming launch, highlighting the system’s importance for the country’s economy.
“This system equips the BoSS with an essential tool to manage liquidity, implement effective monetary measures, and safeguard the value of the South Sudan Pound,” Othow said in a statement onm the banks official social media handle.
He described the SSIPSS as a “clear declaration of our monetary autonomy and a reaffirmation of commitment to sound financial management.”
Currently, large-scale financial transfers can be slow and risky due to manual processes. However, Othow noted that the new system will change that, allowing large-value transactions to be settled in real time.
According to him this means critical payments—like government disbursements, interbank lending, and corporate transactions—will be completed in seconds, not hours or days.
The implementation of SSIPSS is anticipated to create a more efficient and stable financial infrastructure in South Sudan, marking a significant step forward for the country’s banking sector.
