Sudanese people transferring money via telephone could be money laundering in support of terrorism so the practise has to be restricted and regulated, claimed Banking Services experts on Saturday.
Speaking at a press briefing in Khartoum, executive director of Banking Services Company, Omar Hassan Al-Omerabi, said that the lack of control over credit transfer via mobile phones could facilitate the financing of terrorism.
According to the World Bank, Sudan ranks second in the world, behind Kenya, in the use of credit transfer through mobile phones but experts warned that the Central Bank of Sudan has no control of the method which poses a real danger as it is not subject to government control.
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Some 85 per cent of Sudanese use mobile transfer to send money to relatives and friends or to conduct business transactions. However, to minimise the risk from next month, the National Telecommunications Corporation (NTC), which regulates communications and broadcasting services, says limits will be placed on the amounts that can be exchanged. Customers will only be allowed to transfer up to 500 Sudanese pounds ($29)
Greater controls
Banks who offer a similar service of transferring via mobile telephone but from one bank account to another will not be affected.
Sudan has three major mobile telephone providers who allow customers unlimited purchase of call time credit which can be exchanged for cash usually with a 10-15 per cent commission charge.
The NTC, the central and high street banks are hoping that a greater number of Sudanese will open bank accounts that will allow money transfers to be audited and traced.
In 2014, Sudan’s parliament passed laws to combat money laundering and terrorism financing and early this year the country was recognised by the United States for its efforts to combat terrorism.