Stanbic Bank has announced that it is rolling out mobile banking to its customers through Unstructured Supplementary Service Data (USSD) code in a move that will promote digital transformation and financial inclusion in South Sudan.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device.
On announcing the innovation on Wednesday, Mr. Andrew Murugu, Country Head, Stanbic Bank South Sudan said, “Through our continuous customer-centric innovations, we are now making ourselves available to our customers on a 24/7 basis. Stanbic Bank is aiming at empowering and safeguarding our customers with greater transparency, convenience, and efficiency more than any other financial institution.”
Stanbic Bank customers can immediately self-register on the platform by dialing *544#. Services available on the platform include; balance inquiry and mini statements, transfers within Stanbic, local and regional payments, local mobile money transfers, airtime purchase, and access to live foreign exchange rates. The services will be available to Zain mobile network subscribers.
Mr. Murugu added that “We are also ensuring that South Sudan’s financial sector is staying on track with its digital transformation ambitions to enhance financial inclusion and attract foreign direct investment that will unlock economic development. This is aligned to Stanbic Bank’s philosophy that South Sudan is our home, we drive her growth.”
The bank said it has a digital agenda and recognizes the global move towards cashless economies.
According to data from World Economic Forum, 10 percent of GDP in transactions in Sub-Saharan Africa occur through mobile money.
