The Governor of the Central Bank of the Republic of Somaliland, Abdinasir Ahmed Hirsi, has announced an ambitious and wide-ranging reform agenda aimed at modernizing the country’s financial sector through enhanced legislation, policy frameworks, and critical financial infrastructure.
Speaking at the launch of the National Payment System Integration Program, Governor Hirsi said the Central Bank is implementing a comprehensive reform package designed to strengthen the foundations of Somaliland’s financial system and prepare it for future growth.
According to the Governor, the reform initiative encompasses legal, regulatory, and institutional changes, alongside investments in the infrastructure needed to support a more efficient and interconnected financial ecosystem.
A key pillar of the reform program is the development and integration of modern payment systems, which he described as essential to improving efficiency, transparency, trust, and accessibility across financial services.
“The reform project currently underway at the Central Bank is a broad initiative encompassing legislation, policies, and infrastructure. Payment systems are among the key components of these reforms. Once these projects are completed, they will bring significant benefits to our country’s financial system,” Governor Abdinasir Ahmed Hirsi said.
The Governor stressed that strengthening and modernizing Somaliland’s financial infrastructure remains the institution’s highest priority as it seeks to build a resilient and competitive financial sector.
“Our foremost task now is to strengthen and modernize our financial systems,” he stated.
The National Payment System Integration Program is expected to enhance connectivity among financial institutions, streamline transactions, and support broader efforts to improve financial inclusion and economic development across Somaliland.
The Central Bank’s reform drive marks a significant step toward creating a more modern, secure, and efficient financial environment capable of meeting the evolving needs of businesses, financial institutions, and citizens alike.