By Bida Elly David
The Central Bank of South Sudan is set to reduce banking and financial risks against commercial banks, traders and customers through RTGS tracking system that would help in detecting theft and other cases of pilferages against business people and financial institutions.
The Bank of South Sudan recently promised to introduce a payment device to government institutions, traders, companies and marketers aimed at reducing the burden of payments and cash transfers from banks to financial institutions.
Government over the past years up to date has been carrying blames from civil servants amid accumulated unpaid salary arrears for many months. The delays of civil salaries have triggered slow move in service delivery as employees tend to report for duty at their own time derailing service delivery.
With the complaints from the citizens, Moses Makur, the former governor of Central Bank anciently said that all the challenges transpired due to lack of payment system to the government employees that would have happened through deposition of staff salaries into individual bank accounts but it never worked.
Speaking during a three days drill on the significance of banking system organized by the National Communication Authority recently, Akum David Sabalker, a representative from the Central bank said that the RTGS banking system would play a fundamental role in reducing risks of wrong credit transfers to wrong people by retrieving it back into the owner’s account without difficulties.
“Our primary objective for introducing the system is to eliminate system risks. One of the primary objectives of implementing the RTGS is this. With RTGS, if you initiate a financial transaction and goes to a wrong number, this device has the capability to check the error through the person who mistakenly receives the money and Central bank will track the correct information and will be captured at the initial stage then it will be arrested” he explained.
However, David underscored that device to be introduced could be highly digitalized and advanced in a way that all financial transactions of commercial banks and other businesses registered with the Central bank can’t undergo pilferages of all kind.
“Once you initiate the system, it is irrevocable since you cannot reverse that transaction and that is why it has that high priority to check the information if it is not very correct” he said.
“As soon as it is set, it will reduce time cost, it will support business growth one by one. It is the role of the Central Bank to do the rest of the processes,” he added.