By Philip Buda Ladu
In a significant step towards modernizing the country’s financial landscape, the Bank of South Sudan (BoSS) has successfully launched a state-of-the-art electronic interbank trading platform, Refinitiv.
This initiative marks a major shift from manual processes, aligning South Sudan with global trends in digital banking.
BoSS revealed the successful launch of this transformative project in a press statement issued on Wednesday dated 21, August 2024, seen by No.1 Citizen Daily Newspaper
“This system had already gone live as of July 31, 2024, and the BOSS encourages all commercial banks without the system to acquire it as soon as possible” the statement partly read.
According to BoSS, this crucial move marks a significant step towards digitizing financial processes and enhancing efficiency, transparency, and risk management within the South Sudanese banking system.
This transformative project, being implemented in collaboration with the Refinitiv platform, a part of the London Stock Exchange Group, replaces the country’s existing manual operational workflows with a fully electronic system.
BoSS emphasized that this transition is crucial as the global financial landscape rapidly digitizes, driving the need for efficient and inclusive financial solutions.
The Central Bank therefore encourages all commercial banks in South Sudan to acquire the Refinitiv system as soon as possible to benefit from its advantages.
The platform is expected to drive efficiency, reduce risks, and enhance transparency, ultimately benefiting the entire financial community and positioning South Sudan as a competitive player on the international financial stage.
BoSS stressed that this initiative aligns with its commitment to supporting the development of a robust financial infrastructure in line with other emerging markets.
By modernizing the banking sector, South Sudan aims to ensure sustainable economic growth and integration into the global economy.
The Central Bank expressed its commitment to continue working closely with all stakeholders to ensure a smooth transition to the new digital platform and maximize its benefits for the country’s financial sector.