World Bank Commends South Sudan’s Banking Reforms

(JUBA) – The Bank of South Sudan (BoSS), together with a visiting World Bank team, held a review meeting in Juba on Tuesday to assess the progress of the Strengthening South Sudan Financial Sector (3SF) project. The initiative is aimed at improving the country’s financial systems, supporting capacity building and promoting broader participation of both public and private stakeholders.

Governor of the Bank of South Sudan, Dr Addis Ababa Othow, gave a detailed update on the National Payment System, which is central to the reforms. He said the system is designed to include government institutions, commercial banks, and private actors in order to ensure efficiency and transparency in transactions. He also called on the World Bank to continue its support to make the system fully operational.

The 3SF Project Coordinator, Atem Bul, outlined several key achievements since the project’s launch. These include the establishment of the Banking and Finance Institute, the training of staff and sector professionals, the development of policies to guide banking operations, and frameworks for infrastructure improvement. He stressed that these measures are helping to build a stronger financial foundation for the country.

In response, World Bank Group Country Manager for South Sudan, Charles Undeland, commended the Bank of South Sudan for steering the project in a positive direction. He assured the institution of the World Bank’s continued partnership and support, noting that reforms in financial infrastructure are vital for South Sudan’s economic growth.

The review meeting brought together senior leaders from the central bank and sector experts. Among them were First Deputy Governor Samuel Yanga Mikaya, Second Deputy Governor Rita Nyankiir Akoon, Director General of Banking Operations Dr Chan Andrea Chan, and consultants working on the 3SF project.

The 3SF project is a joint effort between the Bank of South Sudan and the World Bank to modernise the country’s financial system, encourage trust in banking institutions, and open more opportunities for both businesses and individuals. With South Sudan’s economy heavily reliant on oil and facing inflationary pressures, the reforms are expected to strengthen financial governance and stability.

According to statement by the central bank, the initiative also reflects growing interest in diversifying South Sudan’s economy, where strengthening banking infrastructure and professional training are seen as essential for attracting investment and supporting trade.

Summary of 3SF Project Review Meeting in Juba