By Goth Mohamed Goth
Hargeisa – The Central Bank of Somaliland hosted a pivotal consultative meeting at its headquarters to launch the National Payment System Development Program, an initiative designed to modernize the country’s financial infrastructure. The gathering brought together private banks, financial institutions, remittance organizations, and regulatory bodies to collaborate on the program’s implementation framework and associated regulations.
The meeting aimed to foster cooperation between the Central Bank, financial sector stakeholders, and remittance services to ensure the program’s success. Key goals include enhancing transaction efficiency, security, and accessibility across Somaliland, reducing cash dependency, and advancing digital payment adoption.
Deputy Governor of the Central Bank, Mr. Hamse Abdirahman Khayre, opened the session by welcoming attendees and outlining the program’s objectives. He stressed the need for a unified approach to modernizing Somaliland’s payment ecosystem.
Mr. Khalif Omar, Chairman of the Somaliland Banking Association, and Mr. Muse Dahir Yusuf, Executive Director of the Somaliland Remittance Association, jointly endorsed the Central Bank’s strategy. They praised its inclusive design, thanked the Central Bank for stakeholder collaboration, and highlighted the program’s potential to drive financial inclusion and economic growth.
Leaders from private banks—including Darasalaam Bank, Dahabshiil Bank, Premier Bank, Amal Bank, and IBS Bank—alongside mobile money providers Zaad Service and E-Dahab Service, pledged full support. They committed to partnering with the Central Bank to implement solutions that strengthen Somaliland’s financial infrastructure.
In his closing remarks, Central Bank Governor Mr. Abdinasir Ahmed Hirsi hailed the meeting as a milestone in Somaliland’s financial modernization journey. He detailed ongoing efforts to develop comprehensive plans and commended stakeholders’ collaborative spirit, stating: “This program is a critical step toward building a robust, inclusive, and efficient payment system that will support Somaliland’s economic development.”
Participants included:
– Private Sector Representatives:
– Somaliland Banking Association
– Somaliland Remittance Association
– Darasalaam Bank, Dahabshiil Bank, Premier Bank, Amal Bank, IBS Bank
– Zaad Service, E-Dahab Service
– Central Bank Representatives:
– Governor, Deputy Governor, Director General
– Director of Supervision, Director of the Clearing House Office
The National Payment System Development Program aims to streamline transactions, enhance interoperability among financial institutions, and promote digital payment solutions. This aligns Somaliland with global financial innovation trends and marks a significant stride toward an inclusive, modernized financial future.
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