Vice Governor Hamse Khaire of the Somaliland Central Bank announced transformative projects at the launch of Wadaag Bank, aimed at strengthening the nation’s financial system and driving economic growth.
The Central Bank is tasked with stabilizing Somaliland’s currency, overseeing financial institutions, and fostering public trust in the financial ecosystem. “A robust financial system is the backbone of our economy and national progress,” Khaire stated, outlining a comprehensive reform and modernization agenda under new leadership.Key Initiatives Include:
- National Payment System: Connecting commercial banks and mobile money operators to enable faster, safer, and more efficient transactions, boosting digital inclusion and financial innovation.
- Depositors Insurance: Protecting bank deposits to enhance trust in the financial system.
- Credit Reference Bureau: Promoting transparent credit reporting to support responsible borrowing and lending for banks and customers alike.
- Somaliland Commercial Bank: Fulfilling President Abdirahman Mohamed Abdullahi Irrvo’s pledge to separate the functions of the central and commercial banks, expanding access to loans, savings, and financial services for a modern, inclusive banking system.
- Diaspora Investment Forum: Channeling over $1 billion annually from the diaspora into local investments in sectors like agriculture, trade, and education to fuel economic opportunities.
- Regional & Global Partnerships: The Governor is currently engaging with Ethiopia’s Central Bank, with upcoming visits to Kenya and Taiwan to adopt global best practices and strengthen international ties.
These initiatives mark a significant step toward financial inclusion, economic growth, and a modern financial ecosystem in Somaliland, positioning the nation as a hub for innovation and prosperity