The Bank of Somaliland and the World Bank on Wednesday launched the SPRING Project, a reform initiative aimed at strengthening the central bank’s institutional capacity, modernizing financial regulation, accelerating digital transformation, and expanding financial inclusion.
The project was officially inaugurated by Bank of Somaliland Governor Abdinasir Ahmed Abdi, who was joined by Deputy Governor Hamse Khaire, Director General Yasin Alas, the SPRING Project Coordinator, and a delegation of World Bank officials.
The initiative marks a new phase in Somaliland’s financial sector reform agenda and is expected to support improvements in financial laws, regulatory frameworks, institutional governance, and digital financial services.
Speaking at the launch ceremony, Governor Abdinasir said the project would reinforce the Bank’s institutional capacity and contribute to building a stronger, more resilient financial system capable of supporting the country’s long-term economic development.
He thanked the World Bank for its continued partnership, describing the institution as a key development partner in advancing reforms within Somaliland’s financial sector.
World Bank representatives reiterated their commitment to supporting the Bank of Somaliland’s modernization efforts, saying the SPRING Project would help strengthen financial institutions, improve regulatory systems, promote digital innovation, and broaden access to financial services.
The launch reflects the Bank of Somaliland’s broader strategy to align its operations with international standards, strengthen financial sector governance, and foster a more inclusive and resilient financial system.