The Central Bank of Somaliland and the International Finance Corporation (IFC), a member of the World Bank Group, have concluded a high-level workshop focused on implementing the Credit Information System and Secured Transactions and Collateral Registry (CIS/STCR) project, a major initiative aimed at strengthening the country’s financial infrastructure and expanding access to credit.
The workshop, opened by Central Bank Governor Abdinasir Ahmed Hirsi, brought together key financial-sector stakeholders to assess progress on the project and identify the steps required for its effective implementation.
Discussions focused on critical areas including system requirements, technological infrastructure, legal and regulatory issues, and the integration and use of other financial data. Participants also examined measures needed to ensure that the new system can effectively support lenders and borrowers across Somaliland.
A major milestone during the workshop was the official launch of the Project Steering Committee, alongside technical committees responsible for legal, policy and credit-information matters. The committees are expected to play a central role in coordinating the project and addressing technical and institutional requirements.
The workshop was attended by Deputy Governor Hamse Abdirahman Khaire and Director General Yasin Jama Ahmed, as well as representatives from the Central Bank, IFC, commercial banks, mobile money service providers, consultants and other stakeholders in the financial sector.
At the conclusion of the workshop, participants reached an agreement on priority actions and the respective responsibilities of the stakeholders, marking another step toward the implementation of the CIS/STCR system.
The project is expected to help strengthen confidence in Somaliland’s financial system, improve credit-risk management and expand access to financing by providing more reliable credit information and strengthening mechanisms for using assets as collateral.
The initiative represents a significant move toward developing a more modern and inclusive financial sector in Somaliland, potentially making it easier for businesses and individuals to access financing while giving financial institutions better tools to assess lending risks.