The Bank of South Sudan (BoSS) Governor, Dr. Addis Ababa Othow, has raised concerns about the increasing cybersecurity threats to digital financial services in the country. With more people turning to digital payment services, Othow emphasized the need for stronger cybersecurity measures to protect financial systems, maintain public confidence, and prevent disruptions. This warning comes as the country expands its digital financial infrastructure.
Othow made these remarks during the signing of a Memorandum of Understanding (MoU) between the Bank of South Sudan and the National Communication Authority (NCA) to strengthen cooperation on cybersecurity, information sharing, and digital financial services. The partnership aims to improve coordination between the two institutions, facilitate information sharing, and enhance their ability to respond to emerging cybersecurity threats.
According to Othow, cybersecurity is no longer just an information and communication technology concern but has become a critical issue involving financial stability, institutional governance, and national security. He stressed that as the country modernizes its banking infrastructure to strengthen digital payment systems, promote electronic transactions, and expand financial inclusion, it must also strengthen the security and resilience of the technologies and environment that support this development.
The governor warned that attacks on communication networks and information systems could have far-reaching consequences for financial institutions, payment systems, and government operations. He emphasized that the central bank's responsibility extends beyond monetary policy and financial regulation to protecting the integrity, security, and resilience of the country's financial infrastructure.
NCA Director General, Gieth Kon Mathiang, noted that the partnership would help make digital financial services safer and more reliable for South Sudanese. He highlighted the importance of mobile money services in allowing people to conduct business, receive payments, and access financial services without traveling long distances. Mathiang also mentioned that the NCA has been working with the International Telecommunication Union (ITU) since 2024 on digital financial services security.
Mathiang further stated that while progress has been made, including security training for NCA officers and the development of security guidelines, further investment is needed to sustain the authority's work. This includes establishing a dedicated cybersecurity laboratory and providing technical equipment. He also emphasized the need for greater public awareness of digital financial security, urging users to protect their accounts and report suspicious activities.
The digital financial services sector in South Sudan has expanded significantly in recent years, with mobile money platforms and electronic payment systems providing alternatives to cash transactions. However, this growth also exposes users and financial institutions to risks such as online fraud, identity theft, and unauthorized account access. The partnership between the central bank and the NCA aims to address these challenges and strengthen public confidence in digital financial services.
Key points
- The Bank of South Sudan and the National Communication Authority have partnered to strengthen cooperation on cybersecurity and digital financial services.
- The partnership aims to improve coordination and response to emerging cybersecurity threats.
- The central bank governor emphasized the need for stronger cybersecurity measures to protect financial systems and maintain public confidence.
