Cash scarcity is one of the big issues dominated the thought of economists in Sudan, for more than 13 months Sudan Banking System suffers from lack of cash for the first time throughout the history of the country which took independent in 1956.
According to the experts who monitor the economic development in Sudan, there are many reasons caused the current situations, among them is the economic sanctions imposed on Sudan in 1997 by US and the wrong financial policies set by the both Ministry of Finance and the Central Bank of Sudan CBoS in 2018.
Many procedures were followed to overcome the challenge, the CBoS has minimized the amount of the daily withdrawn money to 1000 SDGs , also it tied trade exchange of estates and vehicles to be in Cheque. But recently the prime Minister and the Minister of Finance and Economic Plan Mutaz Mosa has announced that electronic payment will solve the problem.
The new policy will spread the culture of electronic payment among businessmen generally and the ordinary people particularly, this policy change people from cash society to be a digital society, so the digitalization of people requires strong database platform and good technology services.
The first electronic payment Centre was opened in Jabal Awlia province, the governor of the CBoS Dr. Mohamed Khir Al Zibir stated that “Electronic Payment” will contribute to good money control, saving and to facilitate the mission of buying and selling, he explained that 13 centers as starting points, also he appreciated the role of the companies working in telecommunication services and encouraged them to promote the electronoic payments.
It is necessary to upgrade the electronic payment system in Sudan, not only to solve the scarcity of cash in Banks, but also to link Sudan with international payment system that accept credit cards and digital currencies, the whole globe is moving towards digital currencies which means that cash is become a traditional way of payment, and exchanging cash will become also a traditional way of trading, in the near future people will not go shopping they will use online trade to get requirements, the question is how long does it take to make a whole change? May it takes a longtime, the government should have to provide a full coverage of internet services and better technological infrastructure, the economists say, electronic payment will reduce risks and offer high safety, despite the cybercrimes we can say that the future for digital currency.