By Lodu William Odiya
Central Bank of South Sudan has officially affirmed Mobile Money as a legal tender with the aim of transforming the country’s financial landscape.
In a statement issued by Bank of South Sudan yesterday, the goal is to make digital financial services and products accessible to the excluded section of our population at a relatively low price.
“We wish to inform the public and business community that mobile money has been recognized as a valid and legal form of payment in line with our strategic plan (2023-2027 to increase the adult’s population use of mobile money services to 30% by 2027” the statement noted.
The transition cleared the way for more inclusive, efficient, and secure financial transactions nationwide.
According to the statement, the electronic money regulation, 2017, legalized mobile money as a payment method adding refusal to accept it, even when offered, is a punishable offense, breaching legal tender regulations and potentially leading to fines, egal proceeding or other sanctions.
“Business and service providers must display clear notices confirming their acceptance of mobile money and their agent number to comply with legal obligations”. It stated.
“Consumers are encouraged to use mobile in daily transaction and report any service denials to authorities” the statement emphasized.
The statement underscored an offense for any business or service provider to falsely claim that Mobile Money service is unavailable when in fact they are operational.
It also emphasized Regulatory bodies and law enforcement agencies would monitor compliance and enforce penalties against violators.
“Any person or entity who s found in breach of these provisions, without lawful justifications, will be subjected to appropriate legal action set forth in the electronic Money Regulation, 2017, and other applicable laws” statement explained.
The country has a relatively small number of banks, with limited number of licensed commercial banks operating in the country.
The Central Bank of South Sudan, which is the country’s central bank, is responsible for regulating and supervising the banking sector.