Central Bank Begins One Month Insurance Registration Exercise

(JUBA) – The Bank of South Sudan (BoSS) has officially announced that it will begin the registration and licensing of all insurance companies operating in the country from the start of November 2025. The process will run for one month and marks a significant step in centralising financial regulation under the national authority.

According to the public announcement dated 29 October 2025, the move follows the amendment of the Financial Institutions Act in 2023, which granted the Bank of South Sudan broader supervisory powers over both banking and non banking financial institutions. Until now, the licensing of insurance companies had been managed under the Central Equatoria State government.

The new directive brings both domestic and international insurance companies under one regulatory framework, ensuring consistent oversight and alignment with national financial stability goals. The Bank said this reform aims to promote transparency, fair competition, and consumer protection across the insurance industry.

All insurance companies are required to collect registration forms and licensing checklists from the Bank’s new headquarters in Jonduru, Juba, during official working hours between 9:00 am and 5:00 pm, Monday to Friday. Firms are expected to submit complete applications within the designated one-month period.

Dr. Majok Kuol Mading, the Director General for Supervision and Financial Stability at the Bank of South Sudan, said the reform was an important step toward strengthening regulatory oversight and building public confidence in the financial sector. He urged all insurance companies to comply fully with the new directive to avoid disruption to their operations.

Enquiries about the process are being handled by Mr. Abraham Dut Atem Malek, Director for Non Banking Financial Institutions at BoSS, who can be reached on +211 926 660 771.

The Bank of South Sudan, established in July 2011 through the Bank of South Sudan Act, serves as the nation’s central monetary authority. It is responsible for maintaining price stability, regulating the financial system, and promoting sustainable economic growth.

The central bank said the centralisation of insurance licensing is expected to bring greater efficiency, improved compliance, and better protection for policyholders. It is also likely to attract new investment into the sector, which has seen limited growth since independence due to fragmented regulation and weak institutional capacity.

The move comes at a time when South Sudan’s financial system is undergoing gradual reform to strengthen liquidity management, enhance accountability, and expand access to financial services across the country.