The Bank of South Sudan (BoSS) and the National Communication Authority (NCA) have signed a Memorandum of Understanding to enhance cybersecurity, improve regulatory coordination, and bolster the security of digital financial services across the country. This partnership aims to strengthen collaboration between the two institutions in addressing cybersecurity threats and improving the safety and reliability of digital financial services. The agreement was signed by Dr. Addis Ababa Othow, Governor of the Bank of South Sudan, and Gieth Kon Mathiang, Director General of the National Communication Authority.
The agreement seeks to enhance regulatory cooperation as South Sudan continues to expand its digital financial services and telecommunications infrastructure. During the signing ceremony, Dr. Othow emphasized that strengthening cybersecurity is crucial for ensuring secure and reliable communication systems. He noted that the bank’s mandate extends beyond formulating monetary policies and regulating financial institutions to safeguarding the integrity, security, and resilience of the country’s financial infrastructure.
Dr. Othow underscored that cybersecurity is no longer solely an ICT concern but a critical responsibility that encompasses institutional governance, financial stability, national security, and economic resilience. He mentioned that the bank is actively working to integrate systems that will support financial services and strengthen the country’s digital financial infrastructure. This move is expected to promote electronic transactions and expand financial inclusion in the country.
Gieth Kon Mathiang characterized the agreement as a significant step toward making digital financial services safer and more reliable for the people of South Sudan. He added that mobile money facilitates trade and payments, allowing parents to send money home and access banking services without enduring long distances. The deal aims to build the skills necessary to identify security risks and assist service providers in addressing them.
The partnership between BoSS and NCA is expected to have far-reaching implications for financial institutions, payment systems, and government operations in South Sudan. With the country’s digital financial services and telecommunications infrastructure expanding rapidly, the need for robust cybersecurity arrangements has become increasingly important. The agreement is a testament to the commitment of the two institutions to ensuring the security and resilience of the country’s financial infrastructure.
The signing of the Memorandum of Understanding is a significant milestone in the efforts of BoSS and NCA to address cybersecurity threats and improve the safety and reliability of digital financial services in South Sudan. The two institutions will work together to enhance regulatory cooperation and strengthen collaboration in addressing cybersecurity threats. This partnership is expected to contribute to the growth and development of the country’s digital financial services sector.
The agreement between BoSS and NCA is a positive development for the people of South Sudan, who will benefit from safer and more reliable digital financial services. The partnership is expected to promote financial inclusion, improve the efficiency of financial transactions, and contribute to the country’s economic growth and development. Key to this partnership is the commitment of the two institutions to ensuring the security and resilience of the country’s financial infrastructure.
Key points
- The partnership aims to strengthen collaboration between BoSS and NCA in addressing cybersecurity threats and improving the safety and reliability of digital financial services.
- The agreement seeks to enhance regulatory cooperation as South Sudan continues to expand its digital financial services and telecommunications infrastructure.
- The deal aims to build the skills necessary to identify security risks and assist service providers in addressing them.
