Bank of South Sudan (BOSS) Advocates for Cashless Economy to Boost Financial Inclusion
In a recent press statement released on September 17, 2024, the Bank of South Sudan (BOSS), under the leadership of Hon. James Alic Garang, emphasized the importance of transitioning towards a cashless economy to promote financial inclusion and enhance the efficiency of financial transactions.
The circular issued by BOSS highlighted key directives aimed at fostering the adoption of digital financial services across various sectors. These directives include setting a maximum cash withdrawal limit of SSP10 million for public sector institutions, government agencies, corporates, and individuals, in a move to encourage the use of bank and mobile money accounts.
BOSS urged the public to embrace formal banking by opening accounts that facilitate secure and convenient transactions, thereby contributing to the digitalization of financial services. The bank emphasized the need for commercial banks to streamline their account opening processes to cater to a wider range of customers, including those who have been historically excluded from the banking sector.
Furthermore, the public was encouraged to utilize electronic payment platforms such as mobile money, credit and debit cards, owing to their low transaction charges and enhanced convenience. BOSS called for collaboration between commercial banks and mobile money operators to ensure seamless interoperability, enabling customers to transfer funds seamlessly between their bank and mobile money accounts.
Hon. James Alic Garang emphasized that the shift towards digital financial solutions would reduce the risks associated with cash transactions, improve monetary policy implementation, and enhance overall financial control. The governor called upon all stakeholders, including the public, financial institutions, and development partners, to work together in realizing the shared objective of promoting a cashless economy in South Sudan.
The move towards a cashless economy, as advocated by BOSS, signifies a significant step towards modernizing the financial landscape of South Sudan and fostering greater financial inclusion among its citizens.
