Sudan: Central Bank Directs Banks to Allocate 50 Percent of Finance Portfolio for Productive Sectors

Jan 02, 2019 | Sudan News Agency; All Africa

The Central Bank of Sudan has directed the micro-finance institutions to allocate 50% of the financing portfolio for the industrial and agricultural sectors in both their plant and livestock axes, and also to open new windows, branches and banking agencies in rural areas according to the comparative advantages of each state.

This was announced by the Governor of the Bank of Sudan, Dr. Mohamed Khair Al-Zubair, Tuesday at the SUNA news Forum. Dr. Al-Zubair stressed that the policies confirmed the increased contribution to the mutual funds and investment funds related to the initiative to reduce poverty and microfinance programs, and asserted the importance of increasing access to finance for women, youth groups, cooperatives, agricultural and animal production organizations, craftsmen and graduates' associations.
He said that the policies called on micro-finance institutions to strengthen the customer protection systems and procedures, as well as to strengthen risk and internal management, and to maintain the bank default rate to not exceed 6% by the end of the year, and also to enhance the quality of customer data through its inclusion in the system of the Agency's credit rating and classification; in addition to the expansion in the use of banking technology such as the recruitment of points of sale and electronic portfolio and others.
Source: All Africa