Stanbic Bank seeks to bring mobile banking to South Sudan
Kenyan Stanbic Bank has today announced plans to introduce mobile banking to its customers in South Sudan. The bank hopes to use Unstructured Supplementary Service Data (USSD) code in a one to promote digital transformation and financial inclusion in the country.
Stanbic Bank have said customers can immediately dial *544# to self-register on the platform, check account balances, access statements, undertake internal bank transfers as well as regional cash transfers to Stanbic Bank Kenya and Stanbic Bank Uganda. This will initially be available on Zain, but it is hoped the service will soon be available to MTN subscribers too.
Commenting on the new service, Mr. Andrew Murugu, Country Head, Stanbic Bank South Sudan said, 'Through our continuous customer-centric innovations, we are now making ourselves available to our customers on a 24/7 basis. Stanbic Bank is aiming at empowering and safeguarding our customers with greater transparency, convenience, and efficiency more than any other financial institution'.
The mobile banking solution is an important strategic channel to meet ever-evolving customer needs. It is hoped the move will provide a game-changing solution for the South Sudanese market.
Mr. Murugu added that 'We are also ensuring that South Sudan’s financial sector is staying on track with its digital transformation ambitions to enhance financial inclusion and attract foreign direct investment that will unlock economic development. This is aligned to Stanbic Bank’s philosophy that South Sudan is our home, we drive her growth'.
In a statement to media houses, Stanbic Bank South Sudan said that it has a bold digital agenda and recognizes the global move towards cashless economies. In fact, according to data from World Economic Forum, 10 percent of GDP in transactions in Sub-Saharan Africa occur through mobile money. Thus, the move by Stanbic Bank puts South Sudan in a unique position to take part in the global and regional financial system through mobile banking.
This solution also comes at a unique time brought about by the Covid-19 pandemic, where global movement is restricted and social distancing is prevalent. Mobile banking will continue to ensure businesses are resilient, and friends and relatives can continue transferring cash to each other with little disruption.
Data has shown that mobile money has the potential to promote financial inclusion by ensuring access to women and youth previously left behind by traditional banking systems. Digital transformation in the banking sector will therefore ensure sustainable development through equality and accessibility in South Sudan.