Imminent Breakthrough Expected in Sudanese Banks’ Dealings with Foreign Correspondents

The Director of the State-Owned Omdurman National Bank announced on Monday that an imminent breakthrough is expected in Sudanese banks’ transactions with foreign correspondent banks, a move anticipated to facilitate international money transfers and external trade operations.

Sudan had ended the isolation of its banking sector from the global financial system in May 2021 after restoring transfer services through the SWIFT system and joining the International Bank Account Number (IBAN) framework, following its removal from the US list of state sponsors of terrorism.

However, those gains were later undermined after the outbreak of war around 34 months ago, due to widespread destruction affecting banks, including disruption of core banking systems. In the past period, the Central Bank of Sudan focused its efforts on restoring domestic transfers and stabilizing the exchange rate.

The Director of Omdurman National Bank Abdel-Moneim Mohamed Al-Tayib told Sudan Tribune that the bank has begun procedures to open relationships with three correspondent banks in one foreign country, which he said will help ease external banking transactions.

He added that intensive efforts are underway to open additional correspondent banking channels outside Sudan within the next month or, at most, the following month.

Al-Tayib also disclosed that the bank has allocated at least 500 million Sudanese pounds to support Sudanese universities through the purchase of teaching boards, representing more than 50% of the bank’s total social responsibility spending planned for 2026.