(JUBA) – The Central Banks of the United Arab Emirates and South Sudan have signed a memorandum of understanding (MoU) aimed at enhancing financial cooperation between the two countries. The agreement was formalised in a ceremony attended by Sheikh Shakhbout bin Nahyan Al Nahyan, Minister of State in the UAE Ministry of Foreign Affairs, and Benjamin Bol Mel, Vice President of South Sudan.
The MoU was signed on behalf of the UAE Central Bank by Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services, and by Dr Addis Ababa Otto, Governor of the Bank of South Sudan.
Under the agreement, the UAE Central Bank will provide innovative solutions for the security printing of banknotes in South Sudan through its subsidiary, Omlat. In addition, Al Etihad Payments, another UAE Central Bank subsidiary, will assist South Sudan in developing a payment card system in two phases.
The first phase will introduce comprehensive solutions for switching and processing payment card transactions in South Sudan, ensuring efficiency, security, and data confidentiality in line with global standards. In the second phase, Al Etihad Payments will support the creation of local infrastructure to process these transactions within South Sudan.
The MoU also covers the exchange of expertise, technical support, and training for Bank of South Sudan employees. Training will include banking supervision and monetary operations and will be facilitated through the Emirates Institute of Finance, a UAE Central Bank subsidiary.
Khalid Mohammed Balama, Governor of the UAE Central Bank, said the agreement reflects the UAE’s strategic approach to building strong financial partnerships with friendly nations such as South Sudan. He emphasised that sharing expertise is vital to maintaining regional and global financial stability.
Dr Addis Ababa Otto expressed appreciation for the UAE’s support, noting that the MoU strengthens economic and financial cooperation between the two countries. He highlighted the importance of UAE expertise in security printing and fintech development and reaffirmed South Sudan’s commitment to achieving shared goals in line with international standards.
