The Central Bank of the UAE and the Bank of South Sudan have signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation in several critical financial areas, including security printing, payment systems, and technical training.
Key Areas of Cooperation
The agreement outlines a comprehensive framework for collaboration between the two institutions, focusing on:
- Security Printing: The Central Bank of the UAE, through its subsidiary Omlat, will provide innovative solutions to improve the security printing of banknotes in South Sudan.
- Payment Solutions: Al Etihad Payments, another subsidiary of the Central Bank of the UAE, will assist the Bank of South Sudan in developing a payment card system over two phases. The first phase will introduce advanced solutions for switching and processing payment card transactions to meet international standards of efficiency, security, and data confidentiality. In the second phase, the focus will shift to developing the local infrastructure for processing payment card transactions.
- Knowledge Exchange and Technical Support: The MoU also includes the exchange of knowledge and expertise, alongside technical training programs for employees of the Bank of South Sudan, aimed at strengthening banking supervision and monetary operations through the Emirates Institute of Finance.
Official Signatories and Remarks
The MoU signing ceremony was attended by Sheikh Shakhbout bin Nahyan Al Nahyan, Minister of State in the Ministry of Foreign Affairs, and Benjamin Bol Mel, Vice President of South Sudan. It was signed on behalf of the Governor of the Central Bank of the UAE by Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE, and Dr. Addis Ababa Otto, Governor of the Bank of South Sudan.
During the event, Khalid Mohammed Balama, Governor of the Central Bank of the UAE, emphasized that this partnership aligns with the UAE’s vision to build strategic relationships with South Sudan, sharing expertise and enhancing the bilateral financial sector.
Strengthening UAE-South Sudan Economic Partnership
Governor Addis Ababa Otto of the Bank of South Sudan expressed his gratitude for the MoU, highlighting its importance in strengthening the economic partnership between the two nations. He acknowledged the UAE’s leadership in security printing and its innovative solutions for payment services, which will be pivotal in enhancing South Sudan’s financial services in line with global standards.
Future Prospects for Cooperation
The MoU is expected to deepen economic ties between the UAE and South Sudan by fostering advancements in finance, financial technology, and payments infrastructure. It also positions the UAE as a key partner in South Sudan’s ongoing financial development, supporting both nations’ growth and economic collaboration.
