Banks in Sudan to introduce Visa payment systems

Banks in Sudan are introducing Visa payment systems as the country seeks to develop its financial sector following decades of isolation, a central bank official and the U.S. financial services company said.

Bank of Khartoum, Qatar National Bank and United Capital Bank (Bank Almal) have received approval to start using the systems, which are expected to be launched in three weeks. This was said by Omar Amrabi, Head of Electronic Banking Services (EBS) at Sudan’s central bank. Six more banks have applied for approval and were awaiting a response, he added.

Commercial and financial transactions in Sudan have been restricted by sanctions and the country’s listing as a state sponsor of terrorism by the United States in 1993. European banks including HSBC Holdings and BNP Paribas agreed in 2013 and 2014 to pay more than $10 billion to settle cases brought by the United States over alleged transactions with sanctioned countries including Sudan.

Sanctions were lifted in 2017 and the United States has indicated that Sudan will be removed from the terrorism list following the overthrow of former leader Omar al-Bashir last year, without giving a time frame.

Even as the world sh
Kenyan companies los
Rate This Article: