How to open a bank account in South Sudan?

Banks have become key financial institutions in recent years. Banks provide a secure environment in which we may conduct our business and manage our finances. Every individual must open a bank account in order to receive professional banking services. It is not difficult to open a bank account. To open a bank account, you only need to follow seven simple steps.

How to open a bank account in South Sudan?

These are the steps you’ll need to follow to open a bank account in South Sudan

Make a decision about the type of bank account you’d like to open.

Savings accounts, recurring accounts, fixed deposit accounts, and current accounts are all examples of bank accounts. As a result, a choice must be made about the sort of account to be opened.

Go to any bank of your choice and meet with a bank officer.

After deciding on the type of account, the individual should seek a nearby bank. He needs to meet with the bank officer to open the account. To open a bank account, the bank official will provide a proposal form (Account Opening Form).

Fill up Bank Account Opening Form – Proposal Form

The proposal form must be duly filled in all respects. Necessary details regarding name, address, occupation and other details must be filled in wherever required. Two or three specimen signatures are required on the specimen signature card. If the account is opened in joint names, then the form must be signed jointly. Nowadays the banks ask the applicant to submit copies of his latest photograph for the purpose of his identification.

Give references for Opening your Bank Account

The bank normally required references or the introduction of the prospective account holder by any of the existing account holders for that type of account. The introducer introduces by signing his specimen signature in the column meant for the purpose The reference or introduction is required to safeguard the interest of the bank.

Submit Bank Account Opening Form and Documents

The duly filled-in proposal form must be submitted to the bank along with necessary documents. For e.g. in the case of a joint-stock company, the application form must accompany the Board’s resolution to open the account. Also certified copies of articles and a memorandum of association must be produced.

Your Bank Account Opening Form will be verified by the officer.

The proposal form is checked by a bank officer. He examines the form to see if it is complete in every way. The documents that come with it have been validated. If the officer is satisfied, the proposal form is cleared.

Make a deposit into the newly formed bank account.

The required sum is deposited in the bank when the proposal form has been cleared. In the case of a savings account, the bank offers a passbook, a chequebook, and a pay in slip book after the initial deposit. A fixed deposit receipt is issued in the case of fixed deposits. A chequebook and a pay in slip book are given in the case of a current account.

What you’ll need to get started with your bank account?

Make sure you have the necessary documents, which should be notarized by a lawyer or notary public, in order to open this account:

  • a photocopy of a current passport
  • a colour passport photo that has been notarized
  • Verify your residence with a utility bill
  • An indemnity document that has been properly filled out and signed.
  • A card with your signature on it (downloaded, signed, and scanned)

List of banks in South Sudan

These are some of the banks operating in South Sudan

  • Afriland First Bank South Sudan Limited.
  • Bank of Khartoum Juba.
  • Buffalo Commercial Bank.
  • CFC Stanbic Bank.
  • Charter One Bank South Sudan.
  • Commercial Bank of Ethiopia (South Sudan) (CBESS)
  • Cooperative Bank of South Sudan.
  • Ecobank South Sudan Limited

Photo by Charl Folscher on Unsplash