John Ohisa Damian, Governor of the Central Bank. Courtesy.

The Bank of South Sudan has withdrawn the licenses of Saint Theresa Rural Development and Southern Rock banks.

The Saint Theresa Rural Development Bank was licensed on January 14, 2016, while the Southern Rock was licensed a year later.

According to a public notice dated 29^TH of December 2022, issued by the Governor of Bank South Sudan, the two private commercial banks failed to carry out any banking activities since their establishments.

Johnny Ohisa Damian said the particular banks did not receive money deposits or other repayable funds from the public or event extend credits for their own accounts.

“Since the (BoSS) issued operational license to Southern Rock Bank on 14th January 2017, several efforts were made by the BoSS to revive the bank through the process of recapitalization and sourcing new investors,” Bank Governor Damian said in a press statement.

He also stated the banks have not been engaging in conventional banking activities in the Republic of South Sudan and they acted outside their mandates.

“As all efforts have been made, the Bank of South Sudan up to date has not seen any action taken by the management of (the banks) to ensure that critical service are offered to the public as the doors of the bank are kept closed for business.”

“In light of the above, the license of the Southern Rock Bank, and Saint Theresa Rural Development Bank are hereby revoked….and you are hereby directed to summit the license to the Bank of South Sudan.”

The license revocations were effected early this month.