Central bank asks citizens to transition to cashless economy

JUBA – South Sudan’s central bank on Tuesday urged citizens to embrace digital payments to avoid carrying bulky cash.

Speaking to journalists at a press conference in Juba, Alic Garang, governor of BoSS, stressed the need for South Sudanese to adopt digital payment systems like M-grouch, Momo, DigiCash, DigiPay, and CapitalPay to promote a cashless policy.

“We see a need to reduce the amount of cash in the economy, as it brings so many risks. This is more in line with the economy itself, both for customers, banks, and society as a whole,” Alic told journalists on Tuesday.

Alic encouraged the public to open mobile money accounts to facilitate cash transactions and move towards a cashless economy.

“We encourage all of you to go out there and encourage people to open their bank accounts. I encourage all of you to communicate among yourselves, between mobile operators and commercial banks. I also encourage all of you to cooperate with us,” he said.

He announced that the bank has limited cash withdrawals for government institutions, private corporations, and individuals to ten million South Sudanese pounds.

“First, the maximum limit for cash withdrawal across all channels, by public sector institutions, government spending agencies, corporations, and households or individuals, should be 10 million SSP per annum on a daily basis,” he said.

He added that the bank prohibits cash withdrawals exceeding 10 million South Sudanese pounds.

He said that only deposits made through a bank account, transferred within the banking industry, or by mobile money are allowed.

“Second, the public is urged to join the banking sector by opening bank accounts to facilitate their receipts and payments, or in this case, to promote digitalization of financial services across the borders of South Sudan.”