Washington D.C., United States – Somalia has stepped up its push to rejoin the global financial system after years of isolation, hosting a high-level roundtable in Washington, D.C., alongside the World Bank Group to tackle the country’s widening correspondent banking gap.
The meeting drew representatives from major international banks, development partners and Somali financial institutions, all focused on one urgent goal: restoring safe and reliable cross-border payment channels to sustain Somalia’s growing economy.
For years, Somali banks and money transfer operators have struggled to maintain relationships with global financial institutions due to compliance risks and regulatory barriers. Those restrictions have threatened the country’s remittance flows, which account for nearly a quarter of its GDP and serve as a lifeline for millions of households.
At the roundtable, Somali officials presented reforms undertaken to strengthen financial governance, including anti-money laundering measures, digitized banking regulations and enhanced oversight by the Central Bank of Somalia. Delegates urged international partners to match those efforts with renewed trust and engagement rather than continued risk aversion.
Participants discussed practical pathways for re-establishing correspondent accounts, including pooled risk frameworks, public-private partnerships and World Bank-backed guarantees. Several banks signaled willingness to explore pilot arrangements if transparency mechanisms are in place.
Officials at the event stressed that this was not merely a technical issue, but a humanitarian and economic imperative. Without reliable cross-border banking, Somali businesses struggle to import essential goods, diaspora communities face delays sending support to relatives, and the government cannot efficiently receive development funds.
The roundtable concluded with commitments to form a joint task force to design actionable solutions in the coming months. While no major banking reconnections were announced immediately, Somali delegates described the meeting as a breakthrough — not only for its turnout, but for the shift in tone from caution to collaboration.