By Goth Mohamed Goth
Hargeisa, Somaliland – The Central Bank of Somaliland, together with the International Finance Corporation (IFC) and the World Bank, has wrapped up a strategic workshop centered on rolling out the Credit Information System (CIS) and Secured Transaction Collateral Registry (STCR) – a flagship initiative aimed at modernizing the nation’s financial infrastructure.
The gathering, inaugurated by Central Bank Governor Abdinasir Ahmed Hirsi, brought together senior officials, financial sector players, and technical experts to take stock of implementation milestones, assess IT infrastructure needs, tackle legal considerations, and explore ways to leverage broader financial data for greater transparency.
Key outcomes included the official inauguration of the Project Steering Committee alongside specialized technical working groups focused on legal reforms, policy guidelines, and credit data management. Notable attendees included Deputy Governor Hamse Abdirahman Khayre and Director General Yassin Jama Ahmed, as well as representatives from commercial banks, mobile money operators, advisory firms, and other industry stakeholders.
By the close of the session, all parties reached a firm agreement on priority next steps and clear division of responsibilities. Once fully operational, the CIS/STCR project is poised to bolster trust in Somaliland’s banking sector, enhance loan portfolio oversight, and significantly widen access to affordable credit for businesses and individuals across the country.
