Developed in partnership with the AfricaNenda Foundation, NIPS aims to improve payment efficiency, reduce costs, and enhance financial inclusion for over 6 million adults with limited banking access.
Before NIPS, mobile money providers like MTN and Zain dominated payments due to the absence of a domestic or regional instant payment system. Now, NIPS integrates with Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS), and Instant Fund Transfers (IFT) to streamline transactions.
This move aligns with regional financial modernization, following the East African Community’s (EAC) push for instant retail payments. South Sudan now joins Kenya, Uganda, Tanzania, and Rwanda in integrating faster payment systems, with only Burundi and the DRC yet to implement similar initiatives.
With backing from the AfDB, World Bank, and Gates Foundation, South Sudan sees NIPS as a foundation for economic stability and growth. However, its success depends on effective implementation, public trust, and ongoing support to meet the country’s financial needs.
Read the full news here: TechCabal