Home | News    Thursday 3 November 2011

Rumbek Nile Commercial Bank reopens two years after bankruptcy

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November 2, 2011 (JUBA) - The Rumbek Nile Commercial Bank (NCB) has reopened two years after it collapsed in 2009 due to bankruptcy. Over six thousand customers who had an accounts with the bank are now able to access their money after the bank was bailed out by the South Sudan government.

The manager of the Nile Commercial Bank in Rumbek, Daniel Mabor Machol, said that they resumed delivering services to consumers again on Friday. As well as paying people the money they have not been able to access since the banks collapse, the bank says it is also providing money transfer services, especially to students in Uganda.

Mabor said that the bank had changed its systems to prevent it collapsing in the future, encouraging citizens of Lakes state to open an account.

“Anyhow we are sure of ourselves because it is not first time [a] bank could collapse. Even in America some banks collapse and again they retain their power to work. So we are restarting now, changing our system such that [...] we will not collapse again."

The Nile Commercial Bank (NCB) was officially opened in 2002, despite the ongoing civil war between the Sudan People’s Liberation Movement (SPLM) and the Khartoum government, making it the first home-grown South Sudanese financial institution.

The following year the NCB’s head office was established in Yambio, in Western Equatoria state and later on was moved to Rumbek, which was the headquarters of the SPLM for much of the civil war.

After the Comprehensive Peace Agreement was signed in 2005 the bank was moved to Juba, which became the capital of the region. In July this year South Sudan became independent from the north, following a referendum agreed in the peace deal.

Banks in South Sudan operate a western system of banking where interest is permitted. In north Sudan, which is governed by Shari’a Law, Islamic banking is enforced by the government.

(ST)

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  • 3 November 2011 07:40, by Paul Chadrack

    no more trust for NCB, the problem is not because they don’t have money but the inexperience thieves who were employed in the bank by their relatives, in Malakal NCB branch one of NCB staff withdrew 3000 SSP from somebody’s account claiming that it will be given as help to that account holder’s brother wedding, due to their friendship.

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    • 3 November 2011 08:52, by Bush

      @Paul Chadrack

      You are correct, even I don’t ever dream of depositing my future money in the NCB even when I become a billionaire one day. They lack accountability, reliability, customer confidentiality and trust.

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    • 3 November 2011 09:48, by Diu J.Kuek

      The Government of South Sudan and Central Bank of South Sudan should be careful to granting license to such bankruptcy called NCP.they have to make sure that this bank will be in a position to pay its present or future depositors in full as their claim accrue.what was happened has been so shameful.

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      • 3 November 2011 11:13, by Diu J.Kuek

        Point of correction I mean Nile Cmmorcial Bank (NCB)

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        • 3 November 2011 16:05, by Bush

          @Diu J.Kuek

          Don’t worry Mr. Diu, NCB sounds and behaves just like NCP in other ways.LOL!

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    • 4 November 2011 08:21, by Joseph

      Dear readers, NCB is just a use-less bank. Remember how there staff used to behave like kings & queens those days. I will advice pple only to withdraw their remining money in the accounts n shuld forget about opening new accounts and depositing. The genesis of corruption, triblism, neptism and etc in South Sudan started in KCB period. Shame shame to all NCB staff, pliz we know you and your famili

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  • 3 November 2011 08:48, by ulla 007

    reopen of Nile commercial bank.
    it sound very strange to me that NCB is reopen after the serious bankruptcy done by individuals which gave bad name to southerners which cannot manage a business,by the way it was the first bank in the south whereby it was mismanaged and day light robbery of public money,then who can trust NCB again?

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  • 3 November 2011 09:00, by Andrew Ojok

    Well brother agree for the financials term of conditions we hire trust the western world bank but we never believes how’re the bank of Africa ain’t have business law to maintains bankcrupcy

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  • 3 November 2011 09:18, by Alfredo christiani

    Dear Nile commercial bank staff
    Shame on you guys, old NCB staff should be change or otherwise nothing will improve in the bank
    You‘re the once who e eaten money with (Nyamacoma) roasted goat meat in another word and claim that all money were taken by senior government officials but all peoples eyes are on you
    No anymore trust, unless to recruits new staff nevertheless KCB will serve p

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  • 3 November 2011 11:17, by Gabriel KK

    Setting up new strategies and changing the whole management would sound good to the general public in South Sudan otherwise people will continue with foreign banks which are much worse than the NCB. We should have another national commercial bank than NCB which has a dirty records in the entire country. shame on NCB management

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  • 3 November 2011 11:32, by Gunkills

    The NCB staffs must double their effort to convince us this mistake you did will never happen again. It is very bad to lose trust in your own country Bank. Anyway, thanks for struggled to reopen the Bank again.

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  • 3 November 2011 20:49, by whatsayyou

    Will you do it? please it is important to have your own bank in a country,and now people lost their trust in you.What are you going to do? please please this is very ashamefull, i wonder is it because it is the first bank in south sudan this is why it collapsed, i did,t think but to progress.Now you start from Zero level !!!!!!!!!!!!.

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