United Capital Bank, UCB, is planning to launch more Visa products for a growing customer base; Sudanese banks attracted about $500 million dollars following the recent decision on the exchange rate.
Sudanese Prime Minister, Dr. Abdalla Hamdok, hailed the first Visa card issued in Sudan as a symbol of Sudan’s long-awaited reintegration in the global economy. The card issued by United Capital Bank (UCB), was presented to Hamdok by Yousif Ahmed El-Tinay, CEO and General Manager of UCB.
Dr. Hamdok expressed his appreciation of the efforts exerted by UCB to comply with all the international standards required to issue the first Visa card in Sudan and described it as a great achievement. “This card and our recent economic decision on the unification of the exchange rate is testament to our resolve to take the necessary measures to develop our economy and reintegrate our country in the global economy. We are determined to continue the path of reform, build our economy, and attract foreign direct investments,” added Hamdok.
The decision on the exchange rate resulted in curbing the currency black market and attracted about $500 million dollars to the formal financial system in less than four weeks.
Yousif Ahmed El-Tinay said: “We take pride in presenting the first Visa card to the Prime Minister and we are privileged to be the first Sudanese bank to be able to issue the card. We understand the responsibility that comes with leadership and we fully realize that issuing the card is the first step towards building a complete ecosystem that drives electronic payments culture as well as financial inclusion. We are currently working on building this ecosystem to empower all our cardholders, merchants, and the country.”
Ahmed Gaber, Visa’s General Manager for North Africa, said: “We are pleased to be part of Sudan’s growth journey in the global economy, and we have been working closely with our partner, UCB, to provide their Visa cardholders with a reliable, convenient, and secure payment option that is accepted globally. Sudan is a promising market that is witnessing many positive economic developments, and we look forward to continue bringing Visa’s world class payment technology to support our partners and the Sudanese government in their drive towards achieving financial inclusion and economic growth for Sudan.”