President Al Bashir of Sudan recently met with the Governor of the Central Bank of Sudan (CBOS), Mohamed Khair Alzubeir, to discuss the state of the Sudanese economy as well as specifics of a planned expansion of banking services throughout the country. More automated teller machines (ATMs) and the introduction of cell-phone banking were examples highlighted by Governor Alzubeir. According to Governor Alzubeir, “Come December, microfinance services will be provided to the targeted categories through 500 centers around the country in which 1000 fresh graduates will be employed after training them to work as microfinance officers in these centers.”
In 2010, CBOS reported total assets of SDG 26 billion (USD 5.9 billion), up from SDG 23 billion (USD 5.2 billion) in 2009.
The two Sudanese microfinance institutions (MFIs) reporting data to the US-based Microfinance Information Exchange report an aggregate gross loan portfolio of USD 64.5 million and deposits collected totaling USD 43.8 million.
By Lena Phillips, Research Associate
CBOS was formed in 1960, four years after Sudan achieved independence. Located in Khartoum, its functions include regulating the issuance of currency, formulating and directing monetary and finance policies to serve various economic sectors, and building a banking system that meets the development needs of the country. In 2010, CBOS reported total assets of SDG 26 billion (USD 5.9 billion), up from SDG 23 billion (USD 5.2 billion) in 2009.
Sources and Additional Resources:
Sudanvisiondaily.com: “Al Bashir Directs Microfinance development”, by Staff Writer, http://news.sudanvisiondaily.com/details.html?rsnpid=215687
MicroCapital.org article, 23 February 2012: “MICROCAPITAL BRIEF: Central Bank of Sudan (CBOS) to Pay Salaries of New Graduates Employed in Microfinance Sector for Two Years”, https://www.microcapital.org/microcapital-brief-central-bank-of-sudan-cbos-to-pay-salaries-of-new-graduates-employed-in-microfinance-sector-for-two-years/#more-17150
Mixmarket.org: Microfinance in Sudan- Country Profile, http://www.mixmarket.org/mfi/country/Sudan
MicroCapital Universe Profile: Central Bank of Sudan (CBOS), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Sudan+%28CBOS%29
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
- MICROCAPITAL BRIEF: Asian Development Bank (ADB) Places $10m Equity Investment in Satin Creditcare Network to Support Microfinance for Women in Rural India
- MICROCAPITAL BRIEF: Commercial Bank of Ethiopia Engaging Homesend to Launch Remittance Service for All Mobile Phone Users in the Country
- MICROCAPITAL BRIEF: Australian Government, ANZ Bank, PFIP to Connect Solomon Islands’ Coconut Farmers to Mobile Banking
- MICROCAPITAL BRIEF: Philippine Government Institutionalizes Steering Committee to Oversee National Strategy for Financial Inclusion
- MICROCAPITAL BRIEF: Jordan Launches Financial Inclusion Strategy for 2018 – 2020