Central Bank of Somalia and Somali Financial Institutions Take Crucial Steps to Modernize Banking Sector

The Central Bank of Somalia (CBS) and Somali Financial Institutions (SFIs) are taking crucial steps to modernize national payments systems. Supported by the World Bank, the CBS and private financial institutions are streamlining their efforts to strengthen the inter-bank payment, clearing and settlement systems in Somalia.

This development follows a five-day consultative forum held in Nairobi, Kenya on National Payment Systems Development. The forum focused on establishing public-private understanding and creating a common ground regarding the most efficient and effective way of setting-up national payment systems in Somalia. 

An Automated Transfer System (ATS) and National Switch will complement each other, with the ATS facilitating large payments and the National Switch facilitating interoperability of retail payment systems in Somalia, and open doors to manage international payments in country from a single platform.

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