The Central Bank of Sudan has officially revoked the operating license of local fintech firm Al-Asjad for Smart and Digital Solutions. The decision, confirmed by central bank sources on Saturday, marks a swift regulatory intervention following a period of intense scrutiny surrounding the company’s sudden entry into the Sudanese banking sector and allegations regarding its ownership structure.
The controversy surrounding Al-Asjad began shortly after the company launched a new digital platform. The initiative, which was intended to modernize retail banking and streamline electronic payments, instead triggered a firestorm of debate within Sudanese economic and banking circles. Industry experts and analysts raised significant concerns regarding the firm’s technical infrastructure, its financial solvency, and persistent rumors of undisclosed ties to entities based in the United Arab Emirates.
The scrutiny intensified due to the high-profile nature of the company’s launch event. The ceremony was attended by high-ranking state officials, including General Majoub al-Bushra—who reportedly represented the Sovereign Council—alongside senior central bank representatives and directors of various local commercial banks. The prominence of these guests initially suggested strong institutional backing, yet the subsequent regulatory action highlights a clear disconnect between the company’s political optics and its technical compliance.
In response to the mounting public and professional criticism, the Governor of the Central Bank of Sudan took decisive action by establishing a specialized, multi-disciplinary committee. The task force was charged with conducting a rigorous audit of Al-Asjad’s operational model, corporate governance, and data security protocols. Following its investigation, the committee recommended the immediate revocation of the firm’s license, a directive that has now been formally signed.
This move follows a broader crackdown by the central bank. On Friday, the regulator issued an urgent mandate ordering all commercial banks and licensed fintech firms to freeze any new contractual, operational, or data-sharing agreements unless they receive explicit prior authorization from the central bank. This freeze specifically targets financial switch operators, signaling a tighter regulatory grip on the digital payment ecosystem.
Central bank officials reiterated that the integrity of the national payment gateway is paramount. Licensed fintech operators, the regulator emphasized, are required to strictly adhere to international standards regarding cybersecurity, data protection, and risk management. As the nation seeks to integrate telecommunications, utility services, and government fee-collection systems into a unified digital infrastructure, the central bank maintains that it will not tolerate entities that fail to meet these stringent requirements.
While Al-Asjad had been granted a license as part of an initiative that included firms like Bright Technologies, Nahda Technology, and Sudapost, its rapid removal serves as a firm reminder of the central bank’s commitment to prioritizing customer data security and ensuring that only compliant, transparent operators manage the country’s growing electronic payment infrastructure.
