The Central Bank of Somalia (CBS) has adopted the use of International Bank Account Numbers (IBAN).
CBS announced the adoption of IBAN on Tuesday.
It added that IBAN comes into effect on March 27.
In its press release, the bank called the adoption of IBAN a progressive milestone in its quest to transform the financial sector in the East African nation.
The use of IBAN across all transactions will be through the National Payment System (NPS).
Consequently, all banks in the country are to adopt IBAN with immediate effect.
Abdirahman M. Abdullahi, the Governor of CBS, commended this move adding that it would reduce delays in international transfers from banks in IBAN-compliant countries.