The Central Bank has revoked operating licenses of 228 money changers

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By M.A. Egge

The Central Bank of the Republic of Somaliland has announced that it has revoked the operating licenses of two hundred and twenty eight (228) money changers in the mobile service, which the Central Bank of Somaliland had previously granted.

This was stated in a press release issued by the Central Bank of Somaliland signed by the Chairman of the Bank.

The bank regulates the operations of financial institutions and ensures that regulations are not flouted.

The delisted money exchangers have not renewed their licenses for three year despite repeated reminders.

The complete press release reads as follows;-

Objective: Withdrawal from the currency exchange service.

The Bank of Somaliland’s duties and responsibilities to the nation include monitoring the activities of financial institutions to ensure the safety and stability of the country’s financial markets as stated in Article 4 and Article 69 of the Central Bank Act. No. 54/2012.

Therefore, by strengthening the policy of monitoring the foreign exchange and all the Exchangers operating in the country, in order to obtain proper management, according to Articles 87 and 88 of Law No. 54/2012, the license of the exchange service 228 money changers who have not renewed their license for more than 3 years and ignored the calls of the Bank of Somaliland and the companies that provide service numbers for the money exchange.

Therefore, the Bank of Somaliland instructs the Zaad and e-Dahab Service Management to stop the electronic money exchange service from all the exchangers listed in the attachment, as it is illegal and in violation of the Bank of Somaliland Act No. 54/2012, Clause 4 of Article 743 of the Service.

Eng. Abdullahi Dahir

Chairman of Somaliland Central Bank

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