New cooperative to launch in South Sudan
A new cooperative bank is to be established in South Sudan.A new cooperative bank is to be established in South Sudan.
This should help to bring banking to the more rural parts of the country, as well as being important for its overall development.
Currently, more than half of those who live in Africa's newest nation reside in rural areas and will be disadvantaged without the cooperative.
Furthermore, the Citizen notes it will benefit the country as a whole, as individuals across all sectors will be able to take advantage of its services.
Cooperative banking is an alternative to standard financial institutions, as it involves different groups working together for their mutual benefit and the organisations are owned by their customers.
"The next stage after the establishment of the cooperative bank is to mobilise the members of the cooperative movement for economic activities throughout South Sudan," the newspaper stated.
Agricultural and forestry industries in particular could benefit from the solution, as the country has a great deal of fertile land. However, organisations that work in this sector require more funding and could therefore take advantage of the cooperative and the opportunities it presents.