US software giant signs deal with Sudan bank
The US software company Oracle will bring a mobile banking platform to Sudan. Its deal with Nile Bank is seen as a sign that economic relations between the United States and Sudan are thawing.
The agreement between Oracle, Sudan’s Central Trading Company, Nile Bank, and other local partners will improve efficiency and compliance for Nile Bank. It will also make lending to small business and rural customers cheaper and more streamlined, which is a potential boon to the Sudanese economy.
The signing ceremony was attended by the US embassy acting Deputy Chief of Mission Keith Hughes. He said that the deal was an example of the changes Sudan has achieved, not only in the political sphere but in the economy too.
The entry of Oracle Corporation into the Sudanese financial services solutions market is considered an important step on the path towards the normalisation of Sudan’s economic relations with the rest of the world. It follows the recent efforts of the Sudanese government to showcase the new Sudan and to invite global corporations to do business with, and invest in, Sudan.
Sudan is still on the US list of States Sponsors of Terrorism. The Sudanese transitional government is doing all it can to remove Sudan from that list, as it can’t get help or debt relief from financial institutions as the World Bank or the International Monetary Fund (IMF) while it is still on that list.
Oracle has refused to do business with other Sudanese banks in the recent past for fear of violating US sanctions.
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