Welcome to the enhanced website of the Central Bank of Somalia.

It is a distinct honor to lead this esteemed institution at a transformative phase in Somalia’s economic recovery journey. Since my appointment in April 2019, the Central Bank of Somalia (CBS) has undergone a historic transformation, from a post-conflict institution with limited functionality to a credible, policy-oriented central bank with growing national and international confidence.

Guided by the strategic vision of the Board of Directors, and with the dedication of our staff and the support of the Federal Government and international partners, CBS has implemented the most far-reaching institutional reforms in its history.

In 2020, we initiated a comprehensive organizational restructuring. We established three functional policy groups, each led by an Executive Director, and adopted a committee-based governance model. Our internal frameworks were strengthened with sound policies and procedures in human resources, procurement, financial management, and IT. Recognizing that human capital is our greatest asset, we institutionalized merit-based recruitment, introduced a performance management system, and invested heavily in staff training and capacity building.

Under the 2020–2024 Strategic Plan, CBS pursued reforms aligned with our financial sector development roadmap. Key milestones achieved over the past five years include:

• The launch of Somalia’s first National Payment System (NPS) in 2021, enabling secure, interoperable, and real-time transactions across licensed banks. The system comprises three key components: the Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS), and Instant Funds Transfer (IFT). In 2023, CBS received the Payment and Market Infrastructure Development Award from the UK-based Central Banking Institute in recognition of this achievement.
  
  
• Introduction of the International Bank Account Number (IBAN) to facilitate cross-border transactions and strengthen AML/CFT safeguards.
  
  
• Rollout of Somalia’s Instant Payment System (SIPS), a 24/7 interoperable platform enabling instant transfers between banks, mobile wallets, and point-of-sale systems using standardised SOMQR code.
  
  
• Reopening of regional CBS branches in Baidoa, Dhusamareb, and Jowhar, with two additional branches underway. These offices serve as fiscal agents for Federal Member States and reinforce CBS’s regional presence.
  
  

We also advanced the country’s regulatory framework by initiating and implementing key legislations, including the revised Financial Institutions Law, the updated Anti-Money Laundering and Counter-Terrorist Financing Law, and the Insurance (Takaful) Law. These have empowered CBS to license and supervise commercial banks, money transfer businesses, mobile money operators, insurance sector, and microfinance institutions.

Today, CBS operates with increased transparency, oversight, and accountability. We are an active member of several global platforms, including the World Bank’s Reserves Advisory and Management Program (RAMP), the Islamic Financial Services Board (IFSB), and the Alliance for Financial Inclusion (AFI).

Building on the strong foundation of the past strategy period, CBS launched its new 2025–2029 Strategic Plan, which focuses on four priority pillars: