The Bank of South Sudan (BoSS) on Friday said it has accepted mobile money as legal tender and a valid and legal form of payment for goods and services.<\/p>\n
A public statement put out by BoSS\u2019 Department of Communication and Public Relations also said the bank aims to make digital financial services accessible to the population.<\/p>\n
\u201cWe wish to inform the public and business community that mobile money has been recognized as a valid and legal form of payment in line with our strategic plan (2023-2027) to increase the adult population\u2019s use of mobile money services to 30% by 2027,\u201d the statement reads in part. \u201cThe goal is to make digital financial services and products accessible to the excluded section of our population at a relatively low price.\u201d<\/p>\n
\u201cTherefore, the bank is hereby encouraging all business owners, service providers, and individual merchants to accept Mobile Money payments for goods and services where such payment is offered without conditions. Mobile money transactions shall carry the same legal validity as cash or bank transfers,\u201d the statement added.<\/p>\n
According to the Central Bank, the Electronic Money Regulation, 2017, legalizes mobile money as a payment method.<\/p>\n
\u201cRefusal to accept it, even when offered, is a punishable offense, breaching legal tender regulations and potentially leading to fines, legal proceedings, or other legal sanctions,\u201d the statement said. \u201cBusinesses and service providers must display clear notices confirming their acceptance of Mobile Money and their agent number to comply with legal obligations. Consumers are encouraged to use Mobile Money in daily transactions and report any service denials to authorities.\u201d<\/p>\n
\u201cIt shall also be considered an offense for any business or service provider to falsely claim that mobile money services are unavailable when in fact they are operational,\u201d the Bank warned.<\/p>\n
The Central Bank said that regulatory bodies and law enforcement agencies will monitor compliance and enforce penalties against violators.<\/p>\n
\u201cAny person or entity who is found in breach of these provisions, without lawful justification, will be subject to appropriate legal action set forth in the Electronic Money Regulation, 2017, and other applicable laws,\u201d the statement concluded.<\/p>\n
Residents of Juba and other towns across South Sudan have, in the recent past, complained about the failure to withdraw cash from mobile money shop operators. The government and economists have attributed the cash shortage to people hoarding money in their homes and keeping it out of circulation.<\/p>\n
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