The Central Bank of Somalia (CBS) has adopted a strategic approach for the reform of the financial systems in Somalia, with an objective to attain a safe and efficient Integrated Core Banking and Financial system that effectively contributes to the country’s financial stability and economic growth, CBS has decided to implement an integrated Financial Platform with the ultimate objective of achieving cost-effectiveness, better service delivery and ensuring efficiencies and optimization of banking and financial processes. The proposed Financial Platform will need to be scalable to allow CBS to meet current and perceptible future needs. Central Bank of Somalia has identified after a tedious procurement process to contract SOFGEN Africa Limited to implement the new integrated Core Banking solution and Accounting System (CBS & ERP) under a unique platform (Financial Platform) also called Financial Accounting Control and Transactional System (FACTS) as well as related technologies thereby replacing the current manual system.Through this project, CBS desires to effect organizational changes along with improvements in the technical infrastructure for operating the Financial Platform (i.e. Network infrastructure, Data center for both production and data recovery sites).Project Status UpdateThe project IT infrastructure for primary production site has been delivered and installedThe Business Requirement Specification documents for T24 have been signed off. The Business Requirement Specification documents for ERP have been signed off. Initial Pre-implementation training has been completedT24 Core Banking Initial System Build for CBOS (Delivered and downloaded)Oracle ERP Build CompletedFACTS interfaces (SFMIS, Swift) ongoingTrain-the-trainer – Core Banking CompletedTrain-the-Trainer ERP - OngoingUser Accept Test (UAT) – StartedData Analysis, Data Mapping and trial Data Migration - OngoingIn conclusion, the project status is reported as “On Track”.