18 Sep 2018

 

Gbudue State Governor Concerned Over Closure Of Commercial Banks

With Equity Bank already closed and Kenya Commercial Bank (KCB) about to be shut down in the State, Gbudue State Governor is worried about the future of the State without commercial banks.

By Jale Richard

JUBA, 12 June 2017 [Gurtong]-
“It is a very big concern and setback for the State to go without these foreign commercial banks,” Daniel Badagbu said. “I’m really very concerned I’m worried about this.”

This comes after Kenya Commercial Bank announced last month that it is shutting down some of its branches in the country. The State will now be left with only Ivory Bank operationg.

Badagbu said he engaged the Country Director of KCB over the matter but could not agree to spare the Yambio branch since the commercial banks are facing difficulties beyond their control.

The Governor said if the banks are closed, many businesses in the State will be affected.

“Investors who want to invest in the country cannot do their business. We also use the bank to transfer salaries of civil servants,” he said.

UN agencies and other development and humanitarian agencies also use the banks for transactions.

Badagbu noted that the closure of the banks will also increase insecurity in the State since criminals would target business people who carry money in cash since there is no bank to keep their money.

According to the Governor, “now as South Sudanese there is need to think of our own solution.”

KCB said it lost 2.8 billion South Sudanese pounds in 2016, due to the effects of the three-year civil war that has curbed oil production, and sent the economy into tatters coupled with hyperinflation.

The South Sudanese pound traded at 16 to the dollar on the black market on Friday, compared to the previous 13 in February.

The bank has operated in South Sudan since 2006; however, Violence forced the bank to shut three branches in January 2014.

 

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