South Sudan’s Ivory Bank has established a new branch in Warrap’s state capital Kwajok on Thursday.
Residents are excited to see financial institutions begin to operate in the area. They said it would reduce the risk of losing money keep at home.
The official at the bank said the institution would benefit communities in many ways, including saving their money, receiving and sending cash from one place to another.
Ivory Bank is a commercial bank in South Sudan licensed to operate in the country.
It was one of the earliest financial institutions opened to serve the banking needs of the people.
Refeal Atum Daniel, the branch Manager, said that keeping money in the houses is risky and encourages traders to open an account in the bank.
Mr. Atum outlined other benefits that the community would get, such as giving out loans to the local businesspeople to improves economic development.
Deputy Town Mayor for Administration and finance in Kwajok appreciated the bank for bringing services close to the people.
Nyaruon Buoi expressed her government’s readiness to support the bank to improve people’s living conditions.
Some traders expressed commitment and promise to keep their money in the bank.
Other traders said they wouldn’t travel far distances with money like Wau since the bank opened locally.
“Since it has opened, the business community is relieved from the worries of keeping in the money in the grass thatched houses. We will now keep the money in this bank and sleep gently because keeping money in an unsafe place stresses people”.
Ivory Bank is a commercial bank operated in South Sudan under the national banking regulator. The bank was one of the earlier financial institutions opened to serve the people’s banking needs in South Sudan.
In Warrap state, there is no banking institution since the Kenyan commercial Bank, KCB, closed in 2017.