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South Sudan launches National Instant Payment System to boost financial inclusion

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February 8, 2025
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South Sudan launches National Instant Payment System to boost financial inclusion

Ladele Joy by Ladele Joy
February 8, 2025
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South Sudan launches National Instant Payment System to boost financial inclusion

South Sudan launches National Instant Payment System to boost financial inclusion

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The Bank of South Sudan (BoSS) launched the country’s first National Instant Payment System (NIPS) on Monday in collaboration with the AfricaNenda Foundation.

This milestone aims to enhance financial inclusion and streamline transactions for over 6 million adults with limited access to banking services.

Read also: South Sudan bans social media over deadly attacks in neighbouring Sudan

Rise of NIPS: Transforming digital payments in South Sudan

NIPS is a real-time payment system that enables instant, low-cost, and secure transactions. By integrating with the Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS), and instant fund transfers (IFT), it will reduce delays and promote interoperability between banks and mobile money providers.

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South Sudan’s financial system has long relied on mobile operators MTN and Zain due to the lack of a domestic instant payment network. NIPS aims to bridge this gap, fostering a seamless digital payment ecosystem that supports businesses and individuals alike.

How NIPS strengthens economic growth and financial inclusion

The introduction of NIPS is expected to drive economic growth, improve government revenue collection, and empower businesses. It will facilitate key financial transactions such as person-to-person (P2P), person-to-business (P2B), government-to-person (G2P), and person-to-government (P2G) payments.

Backed by organisations like the African Development Bank (AfDB), World Bank, and Gates Foundation, NIPS aligns with regional efforts to modernise payments. It follows the East African Community (EAC) 2024 master plan, which advocates for instant retail payments across member states.

Read also: South Sudan’s communications authority authorises Starlink to operate

A step toward a digital financial future

For a country that gained independence in 2011 and has faced economic instability, NIPS represents a step toward financial modernisation. However, its success will depend on public adoption, trust, and sustained implementation efforts.

As South Sudan integrates into the regional payment landscape, NIPS is set to revolutionise transactions, laying the foundation for a more inclusive and efficient financial system.

Tags: AfricaNenda FoundationBank of South SudanNIPS
Ladele Joy

Ladele Joy

Ladele Joy is a content writer and tech reporter specializing in entertainment and gaming. She crafts engaging stories that connect with readers. Joy brings curiosity and creativity to every piece she writes.

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