Banks in Sudan seek to introduce Visa payment systems

Autorickshaws (Tuk-Tuks) pictured in the centre of Khartoum, Sudan. /Getty Images

Several banks in Sudan are introducing Visa payment systems as the country works to strengthen its financial sector following years of isolation, a central bank official and the U.S. financial services company said.

Bank of Khartoum, Qatar National Bank and United Capital Bank (Bank Almal) have received approval to begin using the systems.

A further six banks have also applied for approval and are awaiting a response.

Commercial and financial transactions in Sudan have been restricted by sanctions and the country's listing as a state sponsor of terrorism by the United States in 1993.

Sudan however got some reprieve after the sanctions were lifted in 2017 and the U.S. indicated that it would remove the country from the terrorism list following the ouster of long-serving leader Omar al-Bashir.

"We are working closely with select financial institutions in Sudan to progress the introduction of Visa payment solutions in the country," Visa said in a statement.

"Visa is pleased to be building new partnerships that will bring the benefit of Visa's world-class payment technology to help support financial inclusion and economic growth in Sudan."

Initially, Visa payments are expected to be limited to foreign currency payments and capped at $3,000, the maximum amount of foreign currency travelers are allowed to take out of the country.

Source(s): Reuters