Central Bank of Sudan and Promoting Financial Inclusion

The Central Bank of Sudan issued a directive requiring all operating banks to simplify the process of opening bank accounts by accepting either the original or a copy of identity cards or documents that meet the Bank’s criteria, regardless of their validity period. The directive allows banks to verify the authenticity of the identity documents through the electronic system of the Civil Registry.

This initiative aligns with the Central Bank’s objectives to promote financial inclusion and maintain financial stability while simplifying the process of providing banking services.

Financial inclusion refers to providing financial services to all segments of society, both institutions and individuals, and making their banking experiences accessible through official financial channels that suit their financial, social, and health conditions.

According to the World Bank’s official website, financial inclusion is considered an enabler for seven of the seventeen Sustainable Development Goals, with the G20 group reaffirming its commitment to enhancing financial inclusion globally. The concept of financial inclusion gained widespread attention after the 2008 global financial crisis, which prompted international financial institutions to develop strategies aimed at achieving financial stability. Many countries have adopted policies to ensure that financial services and banking products are available to as many low-income individuals as possible, thereby meeting their needs and preventing financial exclusion.

Sudan is seeking to become a leader in the field of digital payments, working towards launching a new phase of financial inclusion for its citizens, positioning it as a cornerstone for economic growth and the transition to a digital economy. Financial inclusion works by integrating small and medium-sized enterprises (SMEs), as well as individuals in the informal economy, into the official financial structure of the state. This contributes to the development of banking services for them and boosts their income levels while reducing poverty, which improves living standards.

The World Bank considers financial inclusion a key factor in eradicating extreme poverty and promoting shared prosperity.

Having access to a transactional account is the first step towards broadening financial services, as such accounts allow individuals to store, send, and receive payments. Transactional accounts serve as a gateway to other financial services, and ensuring global access to such accounts remains a focal point for the World Bank Group.