Central Bank unveils modern payment system to ease financial transactions
The South Sudan Interbank Payment and Settlement System will enhance financial stability, reduce transaction costs, and support economic growth by enabling faster and more transparent payments.
By Aguok Chok
The Bank of South Sudan has taken a historic step towards modernizing the country’s financial infrastructure by launching South Sudan Interbank Payment and Settlement System, commonly known as SSIPSS.
Akum David Sabahker, Director of the National Payment System, described the initiative as “a transformative initiative designed to modernize and secure a nation’s financial infrastructure.”
Explaining the system, he said: “What is this South Sudan Interbank Payment and Settlement System? It is a comprehensive platform that integrates key financial systems to facilitate fast, secure and reliable transactions across the country as a whole.”
At the core of the system is the Real-Time Gross Settlement (RTGS) component, which allows high-value and time-critical payments between banks. “As soon as you initiate a transaction, the transaction is realized just in real-time like a blink of an eye. It also ensures immediate settlement and it is final,” Sabahker noted.
The platform also incorporates an Automatic Clearing House (ACH) to handle bulk payments such as government salaries, utility bills, and inter-agency transfers. “It will also support low-value transactions with efficient processing,” he explained.
Another feature is the Central Securities Depository (CSD), which safeguards and manages electronic records of financial securities. According to Sabahker, “It will facilitate secure trading, settlement, and custody of government and corporate bonds that will be issued by the government.”
In addition, the Instant Fund Transfer (IFT) option will allow individuals and businesses to make real-time low-value payments. “When you go to a restaurant you just pay a very small amount of money. Low-value payments between individuals and businesses will also promote financial inclusion and support mobile and digital banking across the country,” he said.
Sabahker emphasized why the system matters for South Sudan. “The South Sudan Interbank Payment and Settlement System will enhance financial stability, it will reduce transaction costs, and it will support economic growth by enabling faster and more transparent payments.”
Citizens, he said, will directly benefit through safer, quicker, and more accessible financial services. “Whether paying bills, receiving salaries, or sending money to families across the country, the system will facilitate that in real-time,” he assured.
For financial institutions, SSIPSS will bring efficiency and stability. “Banks and payments providers like the forex that exists within the market will operate more efficiently with reduced risk and improved liquidity management,” Sabahker added.
The government also stands to gain. “It will strengthen public financial management, improve revenue collection, and support digital governance in the country,” he remarked.
Businesses will benefit from real-time check clearance, instant transfers, and automated processes. “It will improve cash flow, reduce delays in transactions, and minimize manual errors and administrative overhead,” the Director explained.
Sabahker delivered a strong call to action: “South Sudan Interbank Payment and Settlement System is not just a system, it is a foundation for a more inclusive and resilient financial ecosystem. We urge all South Sudanese individuals, businesses, and institutions to embrace this change. Together we can build a future where financial services are accessible, secure, and empowering for all South Sudanese.”
