Mohamoud Walaaleye
The Somaliland Central Bank has highlighted its progress in modernising the country’s financial infrastructure and developing a national instant payment system during an international financial institutions conference in Accra, Ghana.
Somaliland Central Bank Deputy Governor Hamse Abdirahman Khaire, accompanied by senior Bank officials, attended the conference organised by MojaLoop, which brought together central banks, commercial banks, payment service providers, FinTech companies and other institutions involved in developing National Payment Systems (NPS).
Addressing the conference, Deputy Governor Khaire outlined Somaliland’s progress in strengthening its national payment infrastructure and presented plans for the Somaliland Inclusive Instant Payment System (SL-IIPS).
He emphasised the importance of the planned system in improving interoperability between commercial banks, mobile money operators and other financial institutions, potentially enabling faster and more integrated digital financial services across Somaliland.
Somaliland Central Bank officials also took part in technical sessions and discussions focused on the architecture of Instant Payment Systems (IPS), cybersecurity and interoperability among financial institutions.
The conference provided the Central Bank with an opportunity to exchange technical expertise and experiences with financial institutions and payment-system specialists from different markets.
The Bank also used the gathering to strengthen its cooperation with MojaLoop, AfricaNenda and the Gates Foundation, which are supporting the Central Bank’s efforts to establish Somaliland’s national instant payment system.
The development of SL-IIPS is part of broader efforts by the Somaliland Central Bank to modernise the country’s financial system, strengthen connections between financial service providers and expand access to efficient digital payment services.