Financial Inclusion After the Currency Exchange: The Gains Achieved and the Challenges Ahead

Dr. Marwa Fouad Qabbani

With the announcement of the end of the currency exchange campaign in mid-May, an important question has emerged in economic and social circles: Have the calls and appeals to open bank accounts now come to an end, or does what happened represent the true beginning of a new phase titled “financial inclusion”?

During the currency exchange period, banks witnessed an unprecedented influx of citizens opening bank accounts, after the process became directly linked to depositing money into the banking system. This transformation pushed thousands — perhaps millions — of citizens to interact for the first time with banks, banking applications, and electronic transfer services, in what may be considered a rare opportunity to expand banking coverage across the country.

Despite the announcement that the campaign is nearing its conclusion in the states of Khartoum, (Al Jazirah), and White Nile, the issue of opening bank accounts does not appear to have ended. Financial institutions understand that the objective was not merely to replace old banknotes with new ones, but rather to bring the largest possible segment of citizens into the formal financial system and reduce reliance on cash circulation outside the banking sector.

The campaign has already achieved several important outcomes, most notably a significant increase in the number of bank accounts, which has contributed to greater use of banking applications and electronic payment services — now reaching more than 30% of Sudan’s population. It has also helped reduce the volume of cash circulating outside the banking system. In addition, the campaign strengthened the state’s ability to monitor money flows and curb cash hoarding and black-market activity.

However, from an observer’s perspective, the success of the experience cannot be measured solely by the number of accounts opened, but rather by the extent to which these accounts continue to be used after the campaign ends. Many citizens opened accounts out of temporary necessity in order to exchange currency, not because of a firm belief in the importance of banking services or deep trust in the banking system itself.

The greatest challenge facing banks now is how to transform this temporary demand into a lasting culture. Weak services in some areas, liquidity shortages, technical disruptions, and limited financial literacy are all factors that could affect the sustainability of banking engagement.

In this context, another important question arises: Has the culture of opening bank accounts become a luxury or a necessity?

Today, the answer clearly leans toward “necessity.”

The world is rapidly moving toward a digital economy, and a bank account has become an essential part of daily economic life — whether for receiving salaries, transfers, electronic payments, or even accessing financing and various services. Reliance solely on paper cash is no longer practical amid current economic challenges and technological advancement.

Yet achieving genuine financial inclusion does not stop at merely opening bank accounts. It requires building real trust between citizens and banking institutions through improving services, simplifying procedures, expanding banking access, reducing fees, and strengthening digital infrastructure.

In conclusion, while the currency exchange campaign may have ended administratively, it has opened a wide door toward a broader economic and social transformation. The real success now depends on the ability of the state and the banking sector to transform a “temporary necessity” into a “sustainable financial culture” that contributes to building a more organized and inclusive economy.