SUDAN’S FINANCIAL SECTOR SET FOR SIGNIFICANT DEVELOPMENT WITH INTRODUCTION OF VISA

Sudan plans to revolutionize it’s payments landscape with the introduction of Visa payment systems and enhancement of the country’s infrastructure and frameworks for mobile banking. This move is bound to deepen access to banking systems in the country and expand digital payments systems for greater inclusion.

The Bank of Khartoum, Qatar National Bank, and United Capital Bank have already received approval to start using Visa systems, to be launched soon. Six other banks have applied for approval and were awaiting, he added.

Sudan’s payments systems have had challenges including lack of requisite infrastructure to support international payments processing and liquidity shortages amid strict control of foreign currency. With the new developments, the country will be able to benefit from Visa’s world-class payment technology, as well as support financial inclusion and economic growth.

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