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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 MICROFINANCE SECTOR POISED FOR ACCELERATED DEVELOPMENT

In Sudan, the social evolution of microfinance indicates that microfinance has existed in the country for decades as an informal economic activity.

Traditionally, villagers borrowed from local merchants in cash or in-kind consumption or emergency loans and paid back the loan when their anticipated funds become available. Microfinance was officially recognized by Bank of Sudan when it registered Micro entrepreneurs and micro-enterprises in 1990 and included Artisan and skilled workers among the priority sectors to receive finance from commercial banks, especially for projects in rural areas (Ahmed and Ammar, 2015).

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