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A new partnership between Centenary Bank and Ivory Bank is likely to ease trade between Uganda and South Sudan as the two banks move to ease banking services for traders in the two countries.
The banks recently signed a Memorandum of Understanding to share banking services, promote commercial links as well as exchange banking information and experiences.
Under the arrangement, traders will be able to deposit money in Uganda’s Centenary Bank but access it through Ivory Bank in South Sudan and vise-versa.
“Centenary Bank has a big number of clients who do business in South Sudan and the same applies to Ivory Bank. We want to save traders the burden and risks of carrying cash,” Centenary Bank managing director, Mr Fabian Kasi told Daily Monitor yesterday.
Under the deal, Centenary Bank will also help its South Sudan counterpart in capacity building to enable it modernise its banking services in compliance with the best standard practices.
By Faridah Kulabako: The Monitor Newspaper
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