The Central Bank of the UAE and the Central Bank of South Sudan have signed a memorandum of understanding aimed at establishing a comprehensive framework for cooperation in areas like security printing, developing innovative solutions for issuing, transferring, and processing payment card transactions in South Sudan, and sharing knowledge and expertise through technical training.
The signing ceremony was attended by His Excellency Sheikh Shakhbout bin Nahyan Al Nahyan, Minister of State, and His Excellency Benjamin Bol Mel, Vice President of South Sudan.
The memorandum was signed on behalf of the Governor of the Central Bank of the UAE by His Excellency Saif Hamid Al Dhaheri, Assistant Governor for Banking Operations and Support Services, and His Excellency Dr. Addis Ababa Otto, Governor of the Central Bank of South Sudan.
Under this memorandum, the central bank will provide innovative currency security printing solutions for South Sudan through its subsidiary, “Currency.”
Additionally, the “Union Payments” company, a subsidiary of the Central Bank of the UAE, will support the Central Bank of South Sudan in developing the payment card system in two phases. The first phase will involve providing comprehensive and advanced solutions for transferring and processing payment card transactions executed in South Sudan, complying with the highest international standards in efficiency, security, and data confidentiality.
In the second phase, Union Payments will assist the Central Bank of South Sudan in developing the infrastructure and advanced solutions for processing payment card transactions domestically.
The memorandum also encompasses the exchange of information and expertise, along with providing technical support and training for employees of the Central Bank of South Sudan in banking supervision and currency operations, through programs offered by the Financial Institute of the UAE, affiliated with the Central Bank of the UAE.
Commenting on the occasion, His Excellency Khalid Mohammed Balama, Governor of the Central Bank of the UAE, stated that the signing of this memorandum aligns with the central bank’s efforts to realize the visionary leadership’s goals in developing strategic partnership relations with the Republic of South Sudan and elevating them to new heights in the financial sector by sharing expertise with counterparts, thereby enhancing the interests of both nations.
He added that the memorandum reflects their mutual aspirations to meet the financial and banking sector needs of the Republic of South Sudan. The central bank is committed to providing technical and professional support to friendly nations, which will bolster efforts to safeguard the regional and global financial system.
For his part, His Excellency Dr. Addis Ababa Otto, Governor of the Central Bank of South Sudan, expressed his satisfaction with the signing of the memorandum with the Central Bank of the UAE, which outlines a framework for collaborative efforts to deepen the economic partnership between their countries and enhance prospects for bilateral cooperation in finance, innovation, and financial technology. He emphasized the importance of benefiting from the UAE’s world-class expertise in security printing and developing innovative solutions for domestic payment services in South Sudan.
He also stated that they will continue to collaborate with the Central Bank of the UAE to achieve their common goals and look forward to continuing knowledge and expertise exchange to elevate the financial services sector in South Sudan to the highest global standards, thereby contributing to deepening economic and commercial cooperation between the two friendly nations.