Financial Inclusion and Market Development in South Sudan

Among the many problems facing the economy, financial exclusion is one of the major issues facing South Sudan in recent times. About 80% of the countrys adult population lack bank accounts, leaving them financially excluded from accessing and using financial products, services, and information. This is a concerning statistic, as financial inclusion is crucial for economic growth and societal development. This issue was engineered by the countrys high financial illiteracy rate (73%), who are mostly women, and people with special needs. Furthermore, limited financial infrastructure in various regions of the country, such as the insufficient number of bank branches in rural areas and strict Know Your Customer (KYC) regulations, remains a significant concern. Additionally, many adults lack the necessary documents to open bank accounts. As a result, the regulatory framework governing financial inclusion and the role of digital financial services in the country is inadequate.