The Bank of Sudan… Taking Steps Toward the Future (1/2)

As I See

Adil El-Baz

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There is no doubt that the Bank of Sudan played a pivotal role in the Battle of Dignity. It was among the first institutions to remain intact and continue operating under extremely difficult circumstances. Together with the Ministry of Finance, it managed to steer the country through one of the most dangerous periods in its modern history.
We must express our gratitude to Mr. Burai Al-Siddiq, the former Governor of the Bank of Sudan, for the tremendous efforts he made during that critical period.
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Today, the Bank of Sudan has started moving steadily toward the future through three major tracks.
The first track is the institutional transformation occurring in the field of financial inclusion—an area where the Bank of Sudan has long been slow in building foundations, programs, and mechanisms. In fact, the entire state lagged behind in adopting a national strategy for digital transformation and financial inclusion, unlike other countries around the world, despite the fact that many voices called for such a strategy as far back as 2017—yet no one listened.
Now, the Central Bank of Sudan is establishing a new Financial Inclusion Directorate to enhance access to banking services. This is the first initiative of its kind since the war began and the subsequent widespread economic instability. Perhaps this will be the first real step in building that long-awaited strategy.
The core responsibilities of the new directorate include:
– Developing a national financial inclusion strategy in coordination with government institutions and the private sector
– Expanding digital payment services and easing access to basic bank accounts
– Regulating digital wallets and ensuring their availability beyond major cities
– Supporting microfinance and micro-projects for women and youth
– Strengthening financial consumer protection through clear standards for pricing and transparency
Initial estimates indicate that more than 70% of Sudanese are outside the formal financial system. Reliance on informal payment channels and transfers through middlemen has increased, raising the risks of fraud and money laundering.
Enhancing financial inclusion is an essential pillar for reviving economic activity. Therefore, I believe that the first step toward the future must be to fully leverage digital technologies to modernize banking operations. Establishing this directorate is an excellent step forward.
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The most important step in the same direction is pushing for new service platforms to create a competitive, multi-player environment. Instead of the entire state and population depending on a single service from a single bank—Bank of Khartoum—which indeed played a major role during the war, it is now possible to open broader horizons.
This work has already begun with the “Seetla” application launched by the Bank of Africa & Gulf in partnership with Sudatel, and the “Saddad” platform launched by Bank Al-Bilad. Zain is also preparing to launch applications in partnership with Faisal Bank, along with other platforms currently under development.
The whole world is rapidly shifting toward the digital economy. With this transformation, reliance on a single payment channel is no longer enough to meet consumer needs or support business continuity. This is why the multiplicity of electronic payment platforms—especially modern applications—has become essential for strengthening trust, expanding the user base, and ensuring that the financial ecosystem is resilient under all conditions.
When users have multiple payment options—banking apps, digital wallets, QR payments, or contactless mobile payments—the process becomes smoother and more secure.
Moreover, having several platforms ensures business continuity: if one application crashes or is overloaded, others remain available to keep operations running uninterrupted. This diversity reduces operational risks and helps institutions maintain stable service levels.
Multiple platforms open the door for innovation and strengthen the infrastructure for a stronger and more flexible digital future.
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The most daring and exciting step taken by the Bank of Sudan after Amina Mirghani assumed leadership (and what can I say about “Amina Mirghani, daughter of principles”… she is one of the brightest women of our generation—sharp, wise, socially and nationally conscious. And for those who speak without knowledge: Amina left behind a position that offered a dream salary, a Rolls-Royce, and a villa on the Mediterranean coast. She left all of that and rushed toward a place where hardship is a deadly fever. Who else would do that? Sincere appreciation to her.)
The boldest step, as I said, was dismantling the so-called “Strategic Commodities Portfolio,” which monopolized all strategic goods and placed them under the authority of a single bank—under the pretext that other banks lacked the resources. Banks used to profit from importing petroleum products, which strengthened their balance sheets, but those resources were taken away and given to one bank. This was unfair, in addition to the damage the portfolio caused in both domestic and foreign markets and its impact on the public.
I repeatedly argued with the former governor, Burai Al-Siddiq, about the dangers of this decision, though he held a different view.
To be continued…