Following this announcement, this project marks an important milestone in the process of modernising South Sudan’s financial and payment infrastructure, advancing the bank’s commitment to providing enhanced financial services for all citizens.
In addition, the initiative also aligns with broader efforts to integrate other critical infrastructures, including the Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS) systems, and instant fund transfer (IFT). In addition, the bank will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The National Instant Payment System was designed in order to enable real-time, secure, and cost-effective transactions, aiming to promote interoperability between banks, mobile money providers, and other financial institutions. NIPS is expected to facilitate a wide range of financial transactions, including person-to-person (P2P), person-to-business (P2B), government-to-person (G2P), and person-to- government (P2G) payments, a process which aims to foster optimised inclusivity and efficiency in the financial sector.
Included in the key focus points of the partnership with AfricaNenda Foundation are the procedure of developing a detailed roadmap for NIPS implementation, with clear plans, as well as building the capacity of BOSS and financial institutions to effectively manage the system and ensuring integration and interoperability by partnering with banks and other stakeholders. In addition, the collaboration between BOOS and AfricaNenda Foundation is important in the process of developing the financial services landscape, fostering improved inclusivity, and creating a more resilient digital economy.
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