Financial Institution Law 2012, Chapter 1, Article 2 “Money transfer business” means the acceptance of cash, cheques and other payment instruments, [also including stored-value products], in one location, and payment [disbursement] of a corresponding sum in cash or other form to a beneficiary in another location.
Financial Institution Law 2012, CHAPTER 7, Article 50 A person shall not carry on or engage in money transfer business without a valid license issued by the Central Bank for that purpose.
Financial Institution Law 2012, CHAPTER 7, Article 50 every relevant person shall apply to the central bank for registration using prescribed form by the Central Bank of Somalia. Upon receipt of an application for registration the licensing and supervision department shall, within fourteen days, review the application and make recommendations, on the application, to a committee of the central bank after ascertaining the formal content and completeness of information and document requirements under Regulation.