Central Bank Of UAE And Bank Of South Sudan Establish Cooperation Through MoU On Payment Solutions
The Central Bank of the UAE and the Bank of South Sudan have formalised a partnership through a memorandum of understanding (MoU). This agreement aims to create a framework for cooperation in security printing, developing payment card transaction solutions, and sharing knowledge and training. The signing was attended by Sheikh Shakhbout bin Nahyan Al Nahyan, Minister of State in the Ministry of Foreign Affairs, and Benjamin Bol Mel, Vice President of South Sudan.
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE, signed on behalf of the UAE's Central Bank Governor. Dr. Addis Ababa Otto represented the Bank of South Sudan. The MoU outlines plans for "Omlat," a subsidiary of the UAE's Central Bank, to provide innovative banknote security printing solutions in South Sudan.
Al Etihad Payments, another subsidiary of the UAE's Central Bank, will assist in developing South Sudan's payment card system. This will occur in two phases. Initially, comprehensive solutions for switching and processing payment card transactions will be implemented. These solutions will adhere to international standards for efficiency, security, and data confidentiality.
The second phase involves building infrastructure and advanced solutions for local transaction processing. This development aims to enhance South Sudan's financial services sector by aligning with global best practices.
The MoU also includes provisions for exchanging information and expertise between the two banks. Technical support and training will be provided to employees of the Bank of South Sudan through programs offered by the Emirates Institute of Finance, which is affiliated with the UAE's Central Bank.
Khalid Mohammed Balama, Governor of the Central Bank of the UAE, remarked: "The signing of this Memorandum of Understanding comes within the framework of the Central Bank's efforts to embody the vision of the wise leadership in developing strategic partnerships with the Republic of South Sudan and elevating them to new levels in the financial sector by sharing expertise with our counterparts, thus enhancing the interests of both countries."
Strengthening Economic Ties
Addis Ababa Otto expressed satisfaction with this collaboration: "We are pleased to sign the Memorandum of Understanding with the Central Bank of the UAE, which sets a framework for joint cooperation, supporting efforts to deepen the economic partnership between our two countries and enhance prospects for bilateral cooperation in the fields of finance, innovation, and financial technology."
He further stated that they value learning from UAE's expertise in security printing and innovative local payment services solutions. The ongoing collaboration aims to advance South Sudan's financial services sector according to international standards.
This partnership is expected to expand economic ties between both nations while promoting trade cooperation. By leveraging shared knowledge and resources, both countries aim to strengthen their financial sectors significantly.
With inputs from WAM
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