By Kei Emmanuel Duku
Traders at the 24th East African Community Micro, Small, and Medium Enterprise (MSME) Trade Fair have been urged to adopt digital banking solutions to safeguard their finances and boost businesses.
Taban James Dakada, Country Head for Business at Kenyan Commercial Bank-South Sudan, expressed concern over the increasing number of theft incidents targeting traders, particularly those using cash.
He said during the recently concluded EAC trade fair, they interacted with numerous exhibitors from within and established that many young entrepreneurs and women-owned businesses are still hesitant to embrace e-banking and other digital financial services.
He attributed this reluctance to several factors, including a lack of awareness about the benefits of digital banking and a perceived lack of security, especially for women entrepreneurs.
Mr. James stated that the Bank is currently actively working to promote digital financial literacy and provide secure banking solutions tailored to the needs of MSMEs.
The bank is also encouraging women entrepreneurs to form cooperatives, which can help them access a wider range of financial services and support, he added.
“We are telling them that we already have digital platforms such as mobile and Internet Banking where you can be able to transact at your convenience place without meeting anyone, they have no idea how the banking system is operating in the country, so the women and youth need to embrace digital banking to support their business,” said James.
James emphasized that mobile banking can significantly reduce the risk of losing money, especially for those carrying cash in handbags. He urged the South Sudanese business community to adopt mobile banking services, such as MOMO, which are integrated with individual telecommunication SIM cards.
He also mentioned the ease of use of mobile banking services, enabling account holders to access their funds from anywhere.
“We need to focus on digitalization and how we can transact money via our phones and once you have mobile platforms you will avoid the issue of insecurity, no one will know how much money you have in your phone, so you will either have money in your wallet or phone, so the question of the insecurity in the country would have been avoided,” explained James.
He stated that some of the challenges faced by South Sudanese women and others within the region in the Small and Medium Enterprises sector include skills and knowledge gaps, and lack of financial inclusion.
Teresiah Wanjira Njoroge, a businessperson, and exhibitor in the 24th Trade Exhibitions concluded yesterday in Juba recounted how her friend lost the sales to “Toronto Boys.”
She stated that Juba is not safe while moving on the streets with handbags or mobile phones.
“We have not felt the taste of Juba, people are talking about, I love partying, I want to see where and how the Nile looks like in South Sudan but I fear the thieves, we had one route from the trade centre to the hotel and back here the following morning even in the hotel, they were constantly warned of unnecessary movement” stated Wanjira.