Introduction to the New Digital Platform and Controversy
On July 2, 2026, in Khartoum, a new digital platform launched by Al-Asjad Company for Smart and Digital Solutions in Sudan has ignited significant debate within economic and banking circles. The controversy centers around the company's recent establishment and potential ties to the United Arab Emirates. This development has raised questions about the implications of allowing private entities to operate as financial switch operators in the country.
Role of Financial Switch Operators in Banking
A senior banking source close to the Bank of Sudan shared insights with Sudan Tribune regarding the recent licensing of several national companies to function as Financial Switch Operators. These companies include Bright Technologies, Al-Asjad Company for Digital and Smart Solutions, Nahda Technology Company, and Sudapost. According to the source, this move is a response to the growing demand for electronic payment services and aims to enhance access to modern retail banking services.
The licensing process enables banks without their own switches to offer essential services such as point-of-sale operations, issuing bank cards, and connecting ATMs. It also facilitates the integration of telecommunications companies, electricity providers, and government fee-collecting entities into the national payment system, allowing for direct bank-to-bank transfers and creating a technical environment for FinTech companies to connect with banks.
Benefits of Private Sector Involvement
The source highlighted that allowing specialized national companies to operate in this field fosters competition and innovation. It also brings global expertise in modern payment systems, opens opportunities for employing and qualifying national talents, and promotes a digital financial culture.
This approach is not unique to Sudan. Countries like South Africa, Nigeria, Kenya, and Nepal have implemented similar models. The central bank’s strategy focuses on developing the electronic payments sector, enhancing financial inclusion, and supporting innovation while maintaining its regulatory and sovereign role.
Background of Al-Asjad Company
Mohamed Al-Khair, a digital transformation expert, provided additional context about Al-Asjad Company. He noted that Asjad Al-Kazim previously worked as a marketing manager at the Sudanese Jordanian Al-Jazeera Bank. After her resignation, she established a company specializing in financial services in 2025. She then applied for a financial transaction switch operator license, which was initially approved before receiving final approval.
Al-Khair raised concerns about the company's technical and financial capabilities, cumulative experience, data security, and ability to meet operational and anti-money laundering requirements. He emphasized that the company will not replace the Electronic Banking Services (EBS) company, which acts as the national switch. Instead, the private sector has been permitted to obtain licenses for private switches linked to banks through connectivity with EBS.
Perspectives from Economic Analysts
Economic analyst Mohamed Al-Nayer viewed the granting of the transaction switch license as a progressive step in financial technology. He believed that the private sector could contribute significantly to the development of the banking sector. However, he suggested that the Central Bank of Sudan could have developed a unified payment mechanism through EBS, which would have helped unify payment systems across banks.
In contrast, banking analyst Waleed Dalil criticized the issuance of licenses for private digital switches. He argued that there is a trend to market these switches as a technical necessity to relieve pressure on the national switch. Dalil stressed that this approach requires rigorous technical and legal review, as these switches provide no real added value and instead impose additional costs on the financial system.
He pointed out that claims to ease pressure on the national switch lack a technical basis since digital payments occur instantaneously. This makes the intermediary switch a mere transmitter of transactions, with no active role. Dalil warned that conducting transactions outside the national switch could impact real-time monitoring and weaken the anti-money laundering framework.
Al-Asjad Company's Response
In response to these criticisms, Al-Asjad Company for Digital and Smart Solutions issued a clarifying statement. The company affirmed that the financial switch represents a national infrastructure for payment systems. It connects banks, financial institutions, and payment service providers through a unified technical platform, enabling secure and rapid execution of financial transfers, payments, and settlements in accordance with regulations set by the Central Bank of Sudan.
The company explained that the financial switch operator license is not an exclusive privilege but a regulatory license granted by the central bank to any company that meets technical, financial, security, and regulatory requirements. It noted that it was the first private company to fulfill these conditions and secure the license, while the door remains open for other qualified companies.
International best practices, supported by the World Bank, emphasize the central bank assuming regulatory, supervisory, and oversight tasks, while the licensed private sector handles the development and operation of infrastructure and technical solutions to foster competition, innovation, and service efficiency.
Conclusion
The company concluded that obtaining the license is a national responsibility requiring adherence to the highest technical and regulatory standards. It pledged to work in partnership with the Central Bank of Sudan, banks, and financial institutions to build a modern and secure national payment system that supports innovation and serves the Sudanese economy.
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