Abu dhabi: The Central Bank of the UAE and the Bank of South Sudan have formalized a memorandum of understanding (MoU) to establish a cooperative framework focusing on security printing, innovative payment solutions, and knowledge exchange. The agreement aims to develop advanced solutions for processing payment card transactions in South Sudan.
According to Emirates News Agency, the 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. The MoU was signed 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.
The agreement outlines that "Omlat", a subsidiary of the Central Bank of the UAE, will support the security printing of banknotes in South Sudan. Additionally, Al Etihad Payments, another subsidiary, will assist the Bank of South Sudan in developing a robust payment card system. This initiative will be implemented in two phases, focusing on creating efficient and secure transaction processes in compliance with international standards.
The MoU also emphasizes the exchange of expertise and technical training for the Bank of South Sudan's employees, facilitated by the Emirates Institute of Finance. This collaboration aims to enhance banking supervision and monetary operations in South Sudan.
Khalid Mohammed Balama, Governor of the Central Bank of the UAE, remarked that the MoU aligns with the UAE's strategic vision to strengthen partnerships and share expertise with South Sudan, benefiting the financial sectors of both nations. Addis Ababa Otto, Governor of the Bank of South Sudan, expressed enthusiasm for the partnership, acknowledging the UAE's expertise in security printing and payment solutions, which will bolster South Sudan's financial services sector and promote economic cooperation.