The Bank of South Sudan (BoSS) has introduced its first National Instant Payment System (NIPS) in partnership with the AfricaNenda Foundation. This initiative represents a significant improvement for South Sudan’s financial infrastructure, aimed at enhancing payment efficiency and improving access to banking services.
NIPS will facilitate immediate transactions, thereby reducing delays, minimizing costs, and fostering financial inclusion for more than 6 million adult citizens who currently have limited access to formal banking services. In South Sudan, MTN and Zain have a stronghold on payment services, primarily due to the absence of a domestic or regional instant payment system.
Also, the NIPS is designed to integrate with existing frameworks such as the Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS), and instant fund transfers (IFT). This integration is a crucial move towards resolving the existing challenges, as emphasized by central bank governor Johnny Ohisa Damian during the launch event on Wednesday.
NIPS is in accordance with the regional financial modernization efforts, reflecting the East African Community’s (EAC) initiative for immediate retail payment systems, as outlined in a master plan set for 2024. Currently, Burundi and the Democratic Republic of the Congo are the sole nations within the EAC that lack an instant payment platform.
