February 27, 2020 (KHARTOUM) - Three Sudanese banks have struck a deal with Visa Inc allowing them to issue its payment cards in Sudan within three weeks maximum.

Visa cards (Getty Images)

The deal was concluded after long negotiations between the American multinational financial services corporation, the Central Bank of Sudan and its technical arm Electronic Banking Services (EBS).

Omer Hassan Omerabi EBS General Manager told Sudan Tribune on Wednesday that three banks are licensed to issue Visa cards in Sudan: Bank of Khartoum (BOK), United Capital Bank (UCB) and Qatar National Bank.

The Visa card will be issued after the opening of an account in foreign currency and then he can use it inside the country and abroad, Omerabi further said.

The three banks will start soon issuing Visa cards, and installing ATMs and points of sale that allow all foreigners to use their Visa cards.

The withdrawal and payment limit of the card is set at $3000 monthly.

Omerabi said this step is an important breakthrough because it will encourage the entry of hard currencies to the country.

"But it may not represent much importance for low-income people who are paid in Sudanese pound only" he added.

The Sudanese pound has lost its value due to the negative impact on the balance of trade. The country imports more than exports.

Recently, the pound fell to its lowest level on record as the dollar selling price reached 100 pounds.

The Sudanese official said more banks will join Visa payment system in the upcoming period, citing foreign banks working in Sudan such as Bank AlJazira, Credit Agricole, Arab Bank.

In statements to Sudan Tribune, banking and financial consultant Taha Hussein considered the agreement between Visa Inc and Sudanese banks is a clear indication of lifting the banking ban on Sudanese banks on financial transactions with Sudan.

The banking and financial consultant Taha Hussein considered in an interview with (Sudan Tribune) granting the permit to Sudan a clear indication to lift the banking ban on financial transactions.

He said that this move contributes to the return of foreign companies and firms and will attract new investors to Sudan.

(ST)