Bank of South Sudan (BoSS) has officially recognized mobile money as a valid and legal form of payment for goods and services.
The move, BOSS said, aligns with the bank’s strategic plan for 2023-2027, which intends to increase the use of mobile money services among the adult population to 30% by 2027.
In a statement on Friday, BoSS said the goal is to make digital financial services and products accessible to the excluded section of the population at a relatively low price.
BoSS encourages all business owners, service providers, and individual merchants to accept mobile money payments, stating that such transactions will hold the same legal validity as cash or bank transfers.
The Bank’s notice also cites the Electronic Money Regulation of 2017, which legalizes mobile money as a recognized payment method.
The bank said businesses that refuse to accept mobile money, when offered, may face penalties for breaching legal tender regulations, including fines and potential legal action.
To comply with the regulations, businesses and service providers are required to display clear notices indicating their acceptance of mobile money and provide their agent number. Consumers are encouraged to use mobile money in their daily transactions and report any issues with service availability.
Further, it is considered an offense for businesses or service providers to falsely claim that mobile money services are unavailable when they are, in fact, operational.
Regulatory bodies and law enforcement agencies will monitor compliance and enforce penalties against violators.
“Any 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,” the statement stated.
