Bank of South Sudan headquarters in Jebel, Juba. (Photo: Eye Radio).

The Bank of South Sudan has capped maximum cash withdrawal at the financial institution and commercial banks at only 10 million South Sudan pounds in a circular issued on Monday.

The Bank said maximum limit of cash by public sector institutions, government spending agencies, private corporates, and individuals shall not exceed the 10 million pounds.

It states cash withdrawals exceeding 10 million pounds shall be either deposited through a Bank account, transfer within the banking industry or through interbank transactions, including mobile money operators.

The circular signed by Mr. Yeni Samuel Kosti, Director General for Banking Operations, will further enforce compliance with previous Anti-Money Laundering regulations relating to KYC and customer due diligence.

KYC is the initial step, where businesses verify the identity of their customers.

BoSS is encouraging clients to use alternative authorized channels to conduct their banking transactions, thereby fostering digitalization of financial services.

According to the financial regulatory body, all commercial banks and mobile money agents are important participants in the finance system, enabling access to financial services in the undeserved and rural community.

The Bank of South Sudan added all the employees in public and private sectors are encouraged to open bank accounts.

In conclusion, it said the circular, dated September 16, 2024, supersedes any other circular issued on the same and takes effect nationwide from the date of its release.