UAE, Sudan to boost cooperation in payment and security printing

The Central Bank of the UAE and Bank of South Sudan signed a memorandum of understanding (MoU) aimed at establishing a comprehensive cooperation framework in the fields of security printing, developing innovative solutions for switching and processing payment card transactions in South Sudan, and exchanging knowledge, experiences, and technical training.

The signing of the agreement was witnessed 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 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 Bank of South Sudan.

Under this MoU, the Central Bank will provide innovative solutions for the security printing of banknotes in South Sudan through “Omlat”, a subsidiary of the Central Bank of the UAE. Al Etihad Payments, a subsidiary of the Central Bank of the UAE, will also support Bank of South Sudan in developing a payment card system in South Sudan in two phases.

The first phase will provide comprehensive and advanced solutions for switching and processing payment card transactions performed in South Sudan, in compliance with the best international standards in terms of efficiency, security, and data confidentiality. In the second phase, Al Etihad Payments will assist Bank of South Sudan in developing the infrastructure and advanced solutions for processing payment card transactions locally.

The MoU also includes the exchange of information and expertise, and the provision of technical support and training for Bank of South Sudan ’s employees in the field of banking supervision and monetary operations, through programs provided by the Emirates Institute of Finance, a subsidiary of the Central Bank of the UAE.

On this occasion, Khalid Mohammed Balama, Governor of the Central Bank of the UAE, stated: “The signing of this Memorandum of Understanding comes within the framework of the Central Bank’s efforts to embody the vision of the wise leadership in developing strategic partnerships with the Republic of South Sudan and elevating them to new levels in the financial sector by sharing expertise with our counterparts, thus enhancing the interests of both countries.

He added: “The Memorandum reflects our shared aspirations to meet the needs of the financial and banking sector in the Republic of South Sudan. We at the Central Bank are also committed to providing support and technical assistance to friendly countries, which will enhance efforts to protect the regional and global financial system.”

Addis Ababa Otto, Governor of Bank of South Sudan, said: “We are pleased to sign the Memorandum of Understanding with the Central Bank of the UAE, which sets a framework for joint cooperation, supporting efforts to deepen the economic partnership between our two countries and enhance prospects for bilateral cooperation in the fields of finance, innovation, and financial technology. We value benefiting from the UAE’s world-leading expertise in the fields of security printing and developing innovative solutions for local payment services in South Sudan.”

“We will continue to work with the Central Bank of the UAE to achieve our shared goals, and we look forward to continuing the exchange of knowledge and expertise to advance the financial services sector in South Sudan in accordance with the highest international standards, which will contribute to expanding and deepening economic and trade cooperation between the two friendly countries.”

Meanwhile in May 2024, Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector.

Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licencing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems.

In addition, they will deepen technical cooperation through training and the exchange of knowledge, including joint studies and research, as well as working visits.

Balama said, “The MoU reflects our tireless efforts and embodies the vision of our wise leadership to enhance economic partnerships with the Republic of Azerbaijan. This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction.

“We look forward to working closely with our partners in Azerbaijan within the financial, banking, and insurance sectors to foster the development of the financial technology sector and encourage the adoption of innovative digital payment solutions, with a focus on initiatives that contribute to enhancing financial stability, supporting the growth of the financial sector, and consolidating the UAE’s leading position globally.”

WAM