Fee withdrawal, deposit will shore up the economy, says Kush Bank boss

Fee withdrawal, deposit will shore up the economy, says Kush Bank boss
Kush Bank banking hall in Juba. [Photo, Kush Bank Twitter Page]

Kush Bank has lauded its decision to waive transaction charges in all depots and withdrawals adding that the move was taken to promote a saving culture in the country.

The lender’s acting CEO, Ryan O’Grady, said in a press release dated November 25 that although operating a bank was an expensive venture in South Sudan, “free-deposit and withdrawal” would achieve its purposes by making it cheaper for the citizens.

“We have an obligation to break down barriers to financial inclusion, to support the development of a sustainable SME sector, and to help our country diversify and develop a strong, ethical, and transparent financial sector,” noted O’Grady.

He said the move was a fulfilment of a pledge the business made during the oil and gas conference to support small businesses through the various ways that improve the economy.

“In September, at the national oil and power conference, I spoke about the need to break down barriers for women and youth-led businesses in our country, and today’s step is another one down this important path we are on together,” he said, adding: “We spent the last six months developing this solution.”

The waiver of the costs follows other services launched by the bank. They include internet banking and the use of a mobile device.