CBoS Officially Revokes Al-Asjad Company’s License Following Review

Khartoum – Sudanhorizon

Confirming an earlier report exclusively published by Sudanhorizon, the Central Bank of Sudan officially announced on Saturday the revocation of the license granted to Al-Asjad Digital and Smart Solutions Ltd. to operate as a provider of electronic payment system services.

In a press statement, the bank said:

“Further to the explanatory statement issued yesterday, Friday, regarding the regulation of electronic payment systems, and based on the recommendation of a specialized technical and legal committee, the Bank has decided to revoke the license granted to Al-Asjad following a comprehensive review of the company’s status in accordance with the published technical, financial, and regulatory standards governing this sector.”

The Central Bank had previously clarified that granting a license to any entity does not automatically entitle it to begin providing services. All system integration and operational arrangements require prior written approval from the Bank and remain subject to its ongoing supervision and regulatory oversight throughout the licensing period.

The statement added that the decision reflects the Bank’s continued regulatory oversight of payment service providers. It emphasized that any license granted is a conditional operating authorization, dependent on continuous compliance with the standards published on the Central Bank’s official website and subject to periodic review for the duration of its validity.

The Bank also reassured customers that it has taken the necessary measures to protect their rights and said that any procedures affecting them will be announced through its official communication channels.

Finally, the Central Bank stated that the relevant committee continues to review applications and proposals submitted by institutions seeking to provide electronic payment system services. It reiterated its welcome for private sector participation under the announced regulations and standards, which it said are applied equally to all applicants without exception or discrimination.

Shortlink: https://sudanhorizon.com/?p=15556