By Yiep Joseph
Bank of South Sudan (BOSS) has started a software upgrade aimed at improving supervisory capabilities and promoting greater transparency within the financial sector.
The process is being done by a team of experts from the Bank of Mozambique, upgrading the Bank Supervision Software to Version 5 at BOSS’s facilities.
This upgrade is expected to streamline connectivity between the central bank, commercial banks, and other financial institutions.
To ensure a smooth transition and full adoption of the new software, consultants from the Bank of Mozambique are providing internal training to BOSS staff.
The upgrade is anticipated to facilitate easier supervision and monitoring of financial activities, contributing to increased transparency and accountability within the banking system.
“This upgrade aims to enhance information sharing across commercial banks, forex bureaus, microfinance institutions, and other regulated entities, in line with the Bank of South Sudan Act (2011, as amended),” according to a statement from the bank.
It added that the modernized system will address gaps from the previous version.
“The system would streamline the regulatory processes, improve transparency, strengthen financial sector stability, and boost public confidence in South Sudan’s financial system,” it read.
In the recent past, the governor of the Bank of South Sudan, Dr. James Alic Garang, vowed to modernize the bank and ensure transparency in the system.
Speaking in 2023, Dr. James Alic Garang affirmed his commitment to transforming the Central Bank into a modern institution.
“One is that as management, we will always collaborate in the interest of advancing the mandate of this institution, and the second point that I would like to put across is that as we look forward, a pledge along with my team that we are going to emphasize the arrangement of running a modern central bank,” he said.