Khartoum - Al Baraka Bank Sudan has announced the issuance of International Bank Account Numbers (IBAN) for its clients, advising them to visit their respective branches to receive their international banking details.
In an official statement, the bank highlighted that the implementation of the IBAN system will enable clients to receive incoming international transfers and conduct future transactions efficiently.
Sudan Joins the Global IBAN System
This step follows the Central Bank of Sudan's announcement last July regarding Sudan's official integration into the International Bank Account Number (IBAN) system. The country officially received its registration from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to facilitate smoother banking transactions between Sudan and the rest of the world.
Features and Benefits of IBAN
The Sudanese IBAN consists of a unique sequence of numbers and letters, which includes:
- The country code (SD) for Sudan.
- A unique identifier for the specific bank.
- The customer's account number and account key.
The IBAN system significantly reduces the cost of incoming transfers to Sudan, particularly from the 77 countries currently implementing the system. It also minimizes the details required from senders, as the IBAN alone is sufficient to complete transactions without requiring extensive information about the beneficiary or the specific bank branch.
According to the IBAN registry issued in June, Sudan officially joined the global system on June 21, with the implementation becoming effective starting July 21.