Sudan Revokes Fintech License Amid Scrutiny Over Digital Banking Expansion

KHARTOUM, July 4, 2026 - Sudan’s Central Bank has revoked the operating license of Al-Asjad for Smart and Digital Solutions, a local financial technology company, following controversy surrounding its recent launch and questions over its operations and regulatory compliance. The decision comes shortly after the company introduced a new digital platform that attracted significant attention within Sudan’s banking and economic sectors. Concerns were raised over the firm’s technical capabilities, financial strength, and alleged external connections, prompting the central bank to launch a review of its activities. The company’s launch event had drawn the participation of senior government and banking officials, increasing public interest and debate over the role of newly licensed fintech providers in Sudan’s financial system. Following the review, the central bank formed a specialized committee to assess the company’s operations and regulatory position. The committee recommended the withdrawal of the firm’s license, leading to the official cancellation decision. The move follows a broader regulatory tightening by the central bank, which recently instructed commercial banks and licensed financial technology companies to obtain prior approval before entering into new partnerships, operational agreements, or data-sharing arrangements. Authorities said all fintech operators must comply with strict requirements related to corporate governance, financial stability, cybersecurity, risk management, and customer data protection. The central bank emphasized that safeguarding financial information remains a priority and that payment service providers must maintain strong security measures, including encryption systems and controlled access to sensitive data. Sudan has been working to expand its digital payment infrastructure by licensing financial switch operators to improve connectivity between banks, businesses, telecommunications companies, and government payment platforms. The initiative aims to support electronic payments, enable direct bank transfers, expand point-of-sale services, and provide digital financial solutions to institutions that lack their own payment networks. Despite these modernization efforts, regulators have stressed that all technology providers operating within the financial sector remain subject to strict oversight to protect the stability and security of the banking system.