The Central Bank of Somalia (CBS) has officially inaugurated the Financial Stability Committee (FSC), which convened for its first meeting on 24 November 2025. This landmark event represents a historic step in Somalia’s financial governance, establishing a dedicated body to monitor systemic risks, coordinate macroprudential policies, and strengthen the resilience of the financial system. The inaugural meeting was attended by senior officials from CBS and a high-level representative from the International Monetary Fund (IMF), whose participation underscores the importance of Somalia’s financial stability agenda and reflects strong international support for the country’s ongoing reforms.
Speaking at the committee, the CBS Governor stated:
“The inauguration of the Financial Stability Committee marks a turning point for Somalia’s financial sector. The committee will serve a dedicated platform to safeguard stability, identify risks, and coordinate policy responses that will protect the financial sector and the wider economy.”
The Committee’s inaugural discussions focused on the Financial Stability Report 2024, which provided a comprehensive assessment of Somalia’s financial system. Where key findings included that the banking sector’s assets reached US$2.0 billion, capital adequacy remained strong at 19 percent, and profitability improved with net profit rising to US$9.0 million in 2024. Payment systems also showed resilience, with RTGS and ACH platforms processing over US$1.9 billion in transactions, while mobile money services reached 84 percent of the adult population. The remittance sector continued to play a critical role in household livelihoods and economic resilience, with inward transfers totalling US$6.23 billion in 2024. The Committee also reviewed systemic vulnerabilities arising from global shocks, climate risks, and fintech disruption, and discussed forward-looking scenarios to strengthen resilience.
Looking ahead, the FSC will play a central role in shaping Somalia’s financial future, with priorities including advancing currency reform, integrating money transfer businesses into the national payment system, strengthening AML/CFT frameworks and digital finance regulations, and enhancing crisis preparedness through contingency planning and financial safety nets.
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