Somalia has launched the Payment Switch, a significant national project designed to modernize the country’s retail payment infrastructure.
This initiative provides interbank card-based switching and clearing services for ATMs and Electronic Funds Transfer at Point of Sale (EFTPOS), enabling seamless transactions between different banks and financial institutions.
The project is supported by the Central Bank of Somalia and aims to enhance financial inclusion, boost efficiency in payment systems, and foster economic growth by making electronic transactions more accessible and secure for businesses and individuals.
This development marks a major milestone in Somalia’s financial sector modernization efforts.