SSIPSS is a contemporary automated system created by the Bank of South Sudan, integrating the Real Time Gross Settlement (RTGS) and Automated Clearing House (ACH).
Real Time Gross Settlement (RTGS) is utilised for urgent, high-value payments, whereas Automated Clearing House (ACH) is designed for bulk, low-value transactions such as salary and utility payments.
Speaking during the launch in Juba on Friday, Dr Addis Ababa Othow, Governor of the Bank of South Sudan, described the system as a fundamental engine of a modern economy.
“It will enable real-time payment and instant funds between the individual and businesses 24 hours a day and seven days a week. What it means is that you can make the payment instantly within the financial system and across the banks,” Othow said.
Dr Othow stated that the system will improve interoperability by enabling smooth transactions among banks, mobile platforms, and fintech.
“We also know, and this has been part of our reform agenda, that it will promote financial inclusion. For so long, many of our people, especially the unbanked populations, have been left outside the formal system, and this will now expand access to financial services to the unbanked.”
He stated that it will enhance the efficiency and transparency of the financial system.
“What it means is that it will lower the cost of doing business in South Sudan. As of now, because of a lack of so much infrastructure, many of our investors are discouraged from coming and doing business in South Sudan, and with this system, we lower the cost of doing business, but what we call the e-government services,” he said.
For his part, Dr Martin Elia Lomuro, Minister of Cabinet Affairs, said the system will also control the banking sector as it monitors cash flow.
“This system, hopefully, will control the banks and make sure that even the missions, some of the UN agencies, and the NGOs that look at accounts in our banks should be forced to have banks in our accounts,” Lomuro said.
“You can’t claim money outside to come and help South Sudan, and you keep the money in Kenya, or Uganda, or somewhere else,” he added.
He said the system will also control the movement of money.
“There should be an important institution in this launch. The economic security sector has a lot to do, and they should not play ignorant. They know money is being carried out of our country,” he said.
