Dr Addis Ababa Othow, the Governor of the Bank of South Sudan - BoSS Facebook page

The Governor of the Bank of South Sudan (BoSS) has called for a flexible regulatory environment to support the growth of mobile money and microfinance services in the country.

Dr. Addis Ababa Othow made the remarks on Thursday during a Policy Dissemination Workshop on Financial Inclusion and Market Development in Juba.

He said strict rules have slowed down the development of financial services, including mobile money.

Dr. Othow said salary accounts are important for promoting financial inclusion. He explained that some banks already offer consumer loans linked to people’s salaries.

He believes if all salaries are paid through bank accounts, more people will be able to access financial services and plan for their financial future.

“The microfinance environment in South Sudan is not encouraging, conducive enough because of rules and regulations, then we should allow it to develop itself.

“As long as you have a very clear guidance on how to direct all those sectors and align them with the strategy, then there is no way as a regulator to be very strict on the provisions of the arts, regulations or circles,” he said.

Dr. Othow also said financial inclusion is a shared responsibility. He urged the government to support policies and build infrastructure to help expand access to financial services.

He also called for collaboration between telecom companies, banks, and other partners to provide affordable services and extend agent networks to rural areas.

“We’ll also require the government partners support in terms of technical assistance, but most importantly the public awareness. Together, we can build a resilient, inclusive, and modern financial system,” he said.

The workshop brought together stakeholders to discuss the main barriers to financial inclusion and how to develop a local model that meets the needs of the people.