The Bank of South Sudan (BOSS) has recently made a significant announcement regarding the launch of the country’s first National Instant Payment System (NIPS) in collaboration with the AfricaNenda Foundation. This initiative represents a major step forward in the modernization of South Sudan’s financial and payment infrastructure, underscoring the bank’s dedication to providing improved financial services to all citizens. The project also aligns with efforts to integrate other critical infrastructures such as the Automated Clearing House (ACH) and Real-Time Gross Settlement (RTGS) systems, as well as instant fund transfer (IFT) capabilities.
The National Instant Payment System is designed to facilitate real-time, secure, and cost-effective transactions, fostering interoperability between banks, mobile money providers, and other financial institutions. Serving as the backbone of South Sudan’s digital payment ecosystem, NIPS will support a wide range of financial transactions including person-to-person (P2P), person-to-business (P2B), government-to-person (G2P), and person-to-government (P2G) payments, promoting greater inclusivity and efficiency within the financial sector.
Governor Johnny Ohisa Damian of the Bank of South Sudan expressed his excitement about the commencement of the NIPS journey, highlighting its significance in promoting financial and socio-economic inclusion in South Sudan. The partnership with the AfricaNenda Foundation is seen as crucial in reshaping the financial services landscape, fostering inclusivity, and building a more resilient digital economy.
Key areas of focus for the partnership include developing a detailed roadmap for NIPS implementation, building the capacity of BOSS and financial institutions to oversee and manage the system effectively, and ensuring integration and interoperability with banks, telcos, and other stakeholders. Following a successful proof-of-concept phase in 2023, which demonstrated high demand and feasibility, BOSS and AfricaNenda are confident that NIPS will revolutionize South Sudan’s financial ecosystem, empowering businesses, streamlining government operations, and enabling citizens to thrive in a modern digital economy.
The initiative reflects BOSS’s commitment to creating a sustainable, innovative, and inclusive financial future for all South Sudanese citizens. The partnership with AfricaNenda Foundation is seen as a pivotal step towards achieving this goal, with instant payment systems being recognized as transformative tools that redefine access to financial services and promote inclusivity.
The Bank of South Sudan, established following South Sudan’s independence in 2011, operates as an autonomous central bank with a primary objective of maintaining price stability and promoting a healthy domestic economy. The bank plays a crucial role in ensuring a stable and efficient market-based financial system and supporting the general economic policies of the Government of South Sudan aimed at fostering sustainable economic growth in the country.
The AfricaNenda Foundation, an African-led team of experts, is committed to unlocking the potential of digital financial services for the financially excluded across the continent. By accelerating the scale-up of instant and inclusive payment systems, AfricaNenda aims to provide public and private sector stakeholders with technical expertise and capacity to reduce barriers to digital payments. The foundation’s mission is to enable seamless digital transactions for everyone in Africa by 2030.
For more information on the Bank of South Sudan, visit www.boss.gov.ss. To learn more about the AfricaNenda Foundation, visit www.africanenda.org.
