The Board of Directors of the Central Bank of Somalia convened for their regular meeting on Sunday where they passed several resolutions to enhance governance and promote innovation in Somalia’s financial sector.
A key highlight was the approval of the electronic Know Your Customer (eKYC) Regulation, a significant step aimed at improving customer verification processes.
The eKYC regulation is expected to streamline digital identity verification, reduce fraud, and ensure compliance with international anti-money laundering (AML) and counter-terrorism financing (CTF) standards.
This development reflects Somalia’s commitment to strengthening its financial infrastructure and fostering trust within the banking and fintech ecosystems.
This move is likely to have a positive impact on financial inclusion and transparency in the country.