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Overview
South Sudan’s financial sector is regulated by the Bank of South Sudan (BoSS), the central authority responsible for regulating its financial sector. Despite years of conflict and economic challenges, BoSS is actively pursuing reforms to strengthen the financial sector and modernize its banking infrastructure, with support from international partners such as the World Bank.
Current Status of Open Banking
As of 2024, open banking is not on the immediate horizon, as financial services remain rudimentary and largely inaccessible to most of the population.
The Bank of South Sudan’s ongoing modernization efforts and international support signal a willingness to embrace digital financial solutions. While open banking is a distant goal, its adoption could enhance financial inclusion, streamline services, and foster innovation. Success will depend on regulatory reforms, infrastructure investments, and collaborative efforts among stakeholders.
Important Links
Open Banking Nigeria (Open Technology Foundation) is a non-profit backed by a group of industry experts across banking, fintech, risk management, and more to drive and launch the open banking standard in Nigeria.
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