Mohamoud Walaaleye
The Central Bank of Somaliland has concluded a series of groundbreaking meetings with international financial giants Tether, Sorted Wallet, and Global Exchange and Money Transfer (GEAMT), marking a significant step toward modernizing Somaliland’s financial ecosystem. The discussions, held in Hargeisa, focused on leveraging cutting-edge digital financial solutions to advance the nation’s National Financial Inclusion Framework (2023-2028), aimed at expanding access to financial services across Somaliland’s diverse communities.
Led by Central Bank Chairman Abdinasir Hirsi, alongside Deputy Chairman Hamse Khaire and Director General Yasin Alas, the talks emphasized Somaliland’s commitment to fostering responsible financial innovation.
The international delegation included prominent figures such as Abdikariim Abdi Adam, CEO of GEAMT and Western Union’s Somaliland representative; Stephen Browne, Co-founder of Sorted Wallet; and Arnoud Marie Dyve De Bavay, Tether’s Head of Africa Strategy.
A key highlight of the meetings was Sorted Wallet’s innovative “non-custodial crypto wallet solution,” designed for both basic feature phones and low-spec smartphones. This technology has the potential to bring millions of unbanked Somalilanders into the financial system, particularly in rural areas where access to traditional banking is limited.
“This solution could be a game-changer for financial inclusion,” said Chairman Hirsi, emphasizing its alignment with Somaliland’s vision for equitable economic growth.
Tether’s USD₮ (USDT) stablecoin, pegged to the US dollar for price stability, was another focal point. The discussions explored how USDT could streamline cross-border trade for Somaliland businesses, particularly with major trading partners like China, India, the UAE, Ethiopia, and Saudi Arabia. Additionally, USDT’s potential to simplify diaspora remittances from the US, UK, and Europe was highlighted as a critical opportunity to enhance economic connectivity.
The Central Bank reiterated its unwavering commitment to financial stability, consumer protection, and robust compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. Both parties expressed optimism about future collaboration, agreeing to continue negotiations toward a formal partnership agreement.
These meetings signal Somaliland’s growing prominence as a hub for financial innovation in the Horn of Africa, building on its already advanced mobile money infrastructure, where services like WAAFI and Zaad have driven a near-cashless economy in urban areas.
The Central Bank extended its gratitude to the delegation for their visit and the productive dialogue, setting the stage for a transformative partnership in Somaliland’s financial future.