Bank of South Sudan launches instant payment systemBank of South Sudan launches instant payment system

The Bank of South Sudan has launched the country's first National Instant Payment System (NIPS) in collaboration with the AfricaNenda Foundation.

Launched three years after it was first proposed, the NIPS aims to improve payment efficiency and financial access in the country.

"This project marks a pivotal milestone in the modernization of South Sudan's financial and payment infrastructure, advancing the bank's commitment to providing enhanced financial services for all citizens," the bank said in a statement.  

It added that the NIPS also aligns with broader efforts to integrate critical infrastructure, such as automated clearing house (ACH) systems, real-time gross settlement (RTGS) systems and instant fund transfers (IFTs).

NIPS to enable cost-effective transactions

The bank said the NIPS enables real-time, secure, and cost-effective transactions, promoting interoperability between banks, mobile money providers, and other financial institutions.

"As the backbone of South Sudan's digital payment ecosystem, NIPS will facilitate 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, fostering greater inclusivity and efficiency in the financial sector," the bank explained.

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The Bank of South Sudan's Governor Johnny Ohisa Damian said the start of the NIPS journey marks a monumental step forward for financial and socio-economic inclusion in South Sudan.

"This partnership with AfricaNenda Foundation is pivotal in transforming the financial services landscape, fostering greater inclusivity, and creating a more resilient digital economy," the bank concluded.