Customers receiving services from a bank in South Sudan. [©Gurtong]
JUBA, 29 August 2010 (Sudan Tribune) – "I would like to see our financial institutions and partners considering opening branches in border points like Kaya, Narus and in other areas in the region where is there is demand for banking services", an Undersecretary at the GoSS Ministry of Finance and Economic Planning Salvatore Garang Mabiodit told Sudan Tribune.
He also said financial institutions should avoid the imposition of excessive bank fees and charges for clients.
“Banks in the region should be committed to provide a convenient, accessible, reliable and rapid payment platform”, the official said.
Mabiodit appealed to all financial institutions to maintain good governance and regulatory compliance to improve the regions reputation in order to attract direct foreign investments.
"The Government remains focused on placing emphasis on growth of economic sectors such as roads, agriculture and manufacturing while addressing the challenges in health and education", said Mabiodit.
He commended financial markets and establishments for resilience during financial crisis, adding that their cooperation with the government reflects the confidence in the banking and financial services sector in the fiscal sustainability and policy responses.
The official stressed that government’s overall on macroeconomic goal is to improve growth rates and increase poverty reduction.
He urged the banking fraternity to consider more innovative but affordable financial service products for women and youths who are in greater needs of financial support for small-scale development.
"I strongly believe that it is by supporting women and youth entrepreneurs that south Sudan will attain deeper poverty reduction and wealth creation.
I call upon financial institutions to fervently support the ‘small-scale ideas and initiatives’ of women and youths to ensure the region becomes a middle-income nation to stay on her-own feet,” he said.
Mabiodit said money transfer is important for South Sudanese whose children are living abroad for purpose of education and other reasons and added that the service should provide a platform for convenient, accessible, reliable and rapid payment solutions for investors coming to the people of the south.
"These services should not be misused. They must be used responsibly and to the purpose", he said, adding that such services are an earnest effort by banks to facilitate progressive capture and migration of regional transactions from the informal to the formal sector.
The Bank of Southern Sudan Governor Elijah Malok Aleng told Sudan Tribune is a separate telephone interview that banks will continue giving necessary support to the government and the people of South Sudan through their services.
He said financial establishments operating in Juba have what he described as good working relationships.