The Central Bank of Somaliland convened a pivotal consultative meeting at its headquarters to lay the groundwork for the National Payment System Development Program, a transformative initiative aimed at modernizing the country’s financial infrastructure. The meeting brought together key stakeholders, including private banks, financial institutions, and remittance organizations, to collaborate on the implementation of this ambitious program and its associated regulations.
The primary objective of the meeting was to foster cooperation among the Central Bank of Somaliland, private banks, financial institutions, and other stakeholders to ensure the successful rollout of the *National Payment System Development Program*. This initiative is designed to enhance the efficiency, security, and accessibility of financial transactions across Somaliland, reducing reliance on cash and promoting digital payments.
Deputy Governor of the Central Bank, Mr. Hamse Abdirahman Khayre, opened the meeting with a warm welcome to participants and provided a detailed overview of the program’s objectives and implementation framework. He emphasized the importance of a unified approach to modernizing Somaliland’s payment systems.
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 plan, praising its inclusive approach. They expressed gratitude for the opportunity to collaborate and contribute to the program’s success, highlighting its potential to drive financial inclusion and economic growth.
Leaders from private banks, including Darasalaam Bank, Dahabshiil Bank, Premier Bank, Amal Bank, and IBS Bank, as well as mobile money providers Zaad Service and E-Dahab Service, voiced strong support for the Central Bank’s efforts. They committed to working closely with the Central Bank to ensure the program’s effective implementation, emphasizing their readiness to adopt innovative solutions to enhance Somaliland’s financial ecosystem.
In his closing remarks, Central Bank Governor Mr. Abdinasir Ahmed Hirsi underscored the meeting’s significance as a milestone in Somaliland’s journey toward a modernized financial system. He highlighted the Central Bank’s ongoing efforts to develop comprehensive plans to advance the nation’s financial infrastructure and commended the collaborative spirit of the stakeholders. “This program is a critical step toward building a robust, inclusive, and efficient payment system that will support Somaliland’s economic development,” he stated.
Participants in the meeting included:
– Private Sector Representatives:
– Chairman of the Somaliland Banking Association
– Chairman of the Somaliland Remittance Association
– Darasalaam Bank
– Dahabshiil Bank
– Premier Bank
– Amal Bank
– IBS Bank
– Zaad Service
– E-Dahab Service
– Central Bank Representatives:
– Governor of the Central Bank of Somaliland
– Deputy Governor of the Central Bank
– Director General of the Central Bank
– Director of Supervision at the Central Bank
– Director of the Clearing House Office
The National Payment System Development Program is expected to streamline financial transactions, enhance interoperability among financial institutions, and promote digital payment solutions, aligning Somaliland with global trends in financial innovation. The Central Bank and its partners are committed to working together to ensure the program’s success, marking a significant step toward a more inclusive and modernized financial future for Somaliland.