United Bank to open in South Sudan
Ethiopian financial institution United Bank has announced it will open a new branch in South Sudan.Ethiopian financial institution United Bank has announced it will open a new branch in South Sudan.
The outlet will be located in the country's capital city of Juba and it will be the first private bank to establish itself in the nation.
Speaking to the Ethiopia Reporter, President of United Bank Berhanu Getaneh said the institution wants to become one of the best in Africa.
In order to do this, it is planning to open further branches in more countries across the continent.
Final preparations are being made for the launch of the Juba outlet and when it begins welcoming customers, it will offer all types of commercial banking services.
This could help to improve access to finance in South Sudan, as its banking system is still in the early stages of development.
According to a report from the World Bank called Doing Business in Juba 2011, the nation would rank 176th out of 183 countries in terms of ease of accessing credit.
Furthermore, most lending activity is concentrated on short-term loans, with just ten per cent allocated to small to medium-sized enterprises.