The Central Bank of Somalia (CBS) has launched a new revolutionary National Payment System (NPS).
CBS launched this new system on August 7.
The launch of this system is part of the efforts by Somalia to develop its financial and banking sector, which is in a crisis following years of economic and political instability.
Through the new system, all the 13 lenders are now capable of becoming “inter-operable” while allowing them to transact with each other.
Abdirahman M. Abdullahi, the Governor of the Central Bank, said that the new system is connected to the bank’s clearing and settlement system.
Furthermore, he expects NPS to enable efficient transactions between vendors and their customers.
Ambassador Gamal M. Hassan, the Minister of Planning, Investment, and Economic Development, attended the launching ceremony on Saturday.