SECOND SEMINAR SERIES - Central Bank Of Somalia

Second Seminar Series

The Central Bank of Somalia has established a transformative national payment system for the first time in Somalia’s history. The system connects all of the banks in the country and enables them to transact with each other. It integrates automated clearing house (ACH), real time gross settlement (RTGS) and instant funds transfer (IFT) functionality into a single platform with links between CBS and the commercial banks. The national payment system will revolutionise the country’s financial sector, enabling a safer and more efficient payment infrastructure. It promotes financial system stability, speed of service and transactions, development of new lifestyle products and financial inclusion. See below a short video that tells the story of Somalia’s national payment system as well as pictures of the July 2021 launch event held at the prestigious Decale Hotel in Mogadishu.

CBS Communication Unit held its second seminar series on 27^th of November 2021 to continue the facilitation of strengthened internal communication within CBS and closer dialogue between CBS senior management and the staff at large. The first part of the seminar focused on discussing the Performance Management System and its aim to improve performance measurement, facilitate performance monitoring and to ensure the strategic goals and objectives of the bank are met. The second part of the seminar hosted Dr Abdilahi Ali, executive director of the Monetary, Financial and Regulatory Policy Groupto discuss the Group’s recent progress and activities.