July 7, 2021 (KHARTOUM) – Sudan has officially joined the International Bank Account Number (IBAN) system for money transfer as it struggles to reconnect with the world.
- The Central Bank of Sudan premises (File photo)
The Sudanese banking sector has been suffering for decades from international isolation due to its presence on the list of countries sponsoring terrorism.
A banking official confirmed to Sudan Tribune on Wednesday that Sudan had officially obtained the registration for the global bank account number from the Society for Worldwide Interbank Financial Telecommunication, known as (SWIFT).
Earlier this month the IBAN authority, SWIFT, issued the IBAN Registry that provides detailed information about the countries implementing the system where Sudan appears in this report.
The registry indicates that Sudan has joined the IBAN system since June 21 and that it will become effective from July 21 onwards.
IBAN consists of a two-letter country code, (SD) for the Sudan, followed by two check digits, and up to thirty-five alphanumeric characters including the bank, the branch and the account number.
The system, which is adopted by 77 countries including Sudan, facilitates the communication and processing of cross border transactions as it reduces the risk of transcription errors.
The Sudanese official pointed out that the Bank of Sudan plans to set a ceiling for the bank checks and replace it with direct transfers.