PDF: Text of the Clarifying Statement on the Regulation of Electronic Payment Systems

As part of its responsibility for regulating and supervising the banking sector, the Central Bank of Sudan continues to implement its plans to develop national payment systems in line with international best practices, enhance the efficiency of digital financial services, support financial inclusion, and improve the efficiency and stability of the financial system.

The Bank emphasizes that the development of payment systems is based on the principle of separating regulatory and operational roles. The Central Bank of Sudan retains full authority to establish policies, issue regulations, grant licenses, approve systems, and supervise and regulate all components of the ecosystem. Meanwhile, licensed entities are responsible for providing technical and operational services in accordance with the regulations established by the Central Bank.

The Bank also confirms that granting a license to any entity does not automatically entitle it to provide services to banks. All connectivity, technical integration, and service-operation arrangements are subject to the prior written approval of the Central Bank of Sudan, in accordance with approved supervisory regulations, ensuring the safety and stability of the banking system.

In this regard, the Central Bank of Sudan has issued regulatory requirements obliging all banks and licensed entities, including financial technology companies and financial transaction switch operators, not to initiate any contractual, operational, or technical relationship, or carry out any connectivity or data-exchange operations, before obtaining the approval of the Central Bank.

The Bank confirms that all licensed entities are subject to strict supervisory and technical standards covering corporate governance, financial solvency, risk management, business continuity, cybersecurity, and data protection, in addition to continuous supervision and oversight throughout the licensing period.

The Central Bank of Sudan gives the protection of customer data and the confidentiality of financial information the highest priority. All entities operating within the payment ecosystem are therefore required to apply the highest standards of encryption, data governance, and access-control mechanisms, and to use information only within the limits permitted by applicable laws and regulations.

The Central Bank of Sudan reiterates that the presence of multiple licensed entities providing certain technical services reflects a modern regulatory approach aimed at promoting competition and innovation, improving service efficiency, and reducing operational risks. At the same time, the Central Bank of Sudan remains the sole authority responsible for regulating, supervising, and overseeing the payment system and all its components, thereby strengthening confidence in the banking system and maintaining its stability.

Central Bank of Sudan Media Office