(JUBA) – The Central Bank of the UAE and the Bank of South Sudan have formalised a partnership through a memorandum of understanding to develop payment solutions and strengthen financial cooperation between the two countries.
The agreement, signed in the presence of 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, aims to enhance South Sudan’s banking capabilities, security printing and payment card systems.
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 during the signing ceremony. The MoU outlines plans for “Omlat,” a subsidiary of the UAE Central Bank, to provide advanced banknote security printing solutions for South Sudan.
Al Etihad Payments, another subsidiary of the UAE Central Bank, will assist in the development of South Sudan’s payment card system in two phases.
The first phase focuses on implementing comprehensive solutions for switching and processing payment card transactions, adhering to international standards of efficiency, security, and data confidentiality.
The second phase will focus on building infrastructure for local transaction processing and introducing advanced solutions to improve South Sudan’s financial services sector in line with global practices.
The agreement also includes exchanging knowledge and expertise between the two central banks. Technical support and training will be provided to employees of the Bank of South Sudan through programmes conducted by the Emirates Institute of Finance, affiliated with the UAE Central Bank.
Khalid Mohammed Balama, Governor of the Central Bank of the UAE, said the MoU reflects the UAE’s strategy to develop strategic partnerships with South Sudan and enhance bilateral cooperation in the financial sector.
Addis Ababa Otto expressed satisfaction with the collaboration, emphasising that it provides a framework to deepen economic ties and improve South Sudan’s financial technology and innovation. He highlighted the value of learning from the UAE’s experience in security printing and local payment services.
The partnership is expected to boost economic relations between both countries and support trade by strengthening financial infrastructure and expertise in South Sudan.
| Phase | Focus Area | UAE Institution Involved | Purpose / Outcome |
|---|---|---|---|
| 1 | Payment card switching and processing | Al Etihad Payments | Implement secure and efficient card transaction solutions aligned with international standards |
| 2 | Local transaction infrastructure | Al Etihad Payments | Build advanced local processing systems to strengthen South Sudan’s financial services |
| Ongoing | Banknote security printing | Omlat (UAE Central Bank subsidiary) | Provide innovative banknote security solutions |
| Ongoing | Knowledge exchange and staff training | Emirates Institute of Finance | Provide technical support and training for Bank of South Sudan employees |
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