Dr James Alic Garang, addressing the media at the Central Bank headquarters in Juba on Tuesday, Sept. 17, 2024 - Credit: Lou Nelson/Eye Radio

The governor of the Bank of South Sudan is encouraging the public to open bank accounts to streamline and enhance the efficiency of their financial transactions.

In a press briefing this afternoon, Bank Governor Dr James Alic Garang stated that the initiative aims to promote the digitalization of financial services in the country.

Dr Garang further mentions that a maximum withdrawal limit of 10 million SSP has been set for all public sector institutions, government spending agencies, and corporate individuals.

The governor also calls on commercial banks to make the account-opening process more seamless for all customers, particularly those traditionally excluded from the banking system.

Additionally, he urged mobile money operators and commercial banks to collaborate to enable customers to transfer funds between their bank accounts and mobile money accounts.

“The maximum limit for cash withdrawal across all channels by the public sector, institutions, government spending agencies, corporates and households or individuals should be 10 million SSP per person daily,” Dr Alic said.

“The public is urged to join the banking sector by opening bank accounts to facilitate their receipts and payments, or in this case to promote digitalization of financial services across the borders of South Sudan,” he said.

“We encourage all the commercial banks referred by the MBEs or the AREF to make their account opening process more seamless for all customers, especially those that are traditionally excluded from the banking sector,” he added.

“We are encouraging the general public to embrace electronic payment platforms, including for example mobile money, access or use of individual credit history.”

According to the governor, these policy directions underscore the importance of digitalization and the deployment of related use of technology in financial transactions.