News / / 10.27.18

East African: Politics overlaps with banking in South Sudan

South Sudan’s political elite has been accused of hijacking the banking system for personal gain and locking out local businesses and citizens.

Out of the 26 banks operating in South Sudan, 14 are partially owned or controlled by politically exposed persons (PEPs) who exert undue political influence in the banking sector, says a new report by US corruption watchdog, The Sentry.

The report, “Banking on War: Ending the Abuse of South Sudan’s Banking Sector by Political Elites,” which was released on October 24, alleges that the elite are using banks to transfer ill-gotten gains abroad at the expense of providing capital and facilitating trade for the millions of South Sudanese suffering from five years of war…

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