https://en.sputniknews.africa/20230622/somalia-introduces-new-digital-payment-platform--1060087810.html
Somalia Introduces New Digital Payment Platform
Somalia Introduces New Digital Payment Platform
Sputnik Africa
By introducing a new system, Somalia is following Kenya's lead, which did so in May 2023, when it rolled out a QR code standard. 22.06.2023, Sputnik Africa
2023-06-22T18:15+0200
2023-06-22T18:15+0200
2023-06-22T19:11+0200
sub-saharan africa
somalia
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The Central Bank of Somalia (CBS) has introduced a Quick Response code (QR code) standard to offer safe payment services as Somalia transitions to a digitaleconomy.The new SOMQR system, which unifies digital payments into a single platform, was rolled out in the country's capital Mogadishu.The CBS’ CEO, Abdirahman Abdullahi, stated that both businesses and people would benefit from it.In March 2023, the CBS announced the use of International Bank Account Numbers IBAN(IBANs are codes used to identify bank accounts globally and carry out international money transactions) by all domestic banks aimed at lowering their operational risks.With the ability to make contactless payments using a QR code, anybody with an Internet connection can use banking and other applications to make safe payments.A nationwide payment system was introduced in 2021 by the Central Bank of Somalia to promote interoperability across 13 banks in the nation.
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somalia, east africa, bank, digital technology , technology, development, ceo
somalia, east africa, bank, digital technology , technology, development, ceo
Somalia Introduces New Digital Payment Platform
18:15 22.06.2023 (Updated: 19:11 22.06.2023) By introducing a new system, Somalia is following Kenya's lead, which did so in May 2023, when it rolled out a QR code standard.
The Central Bank of Somalia (CBS) has introduced a Quick Response code (QR code) standard to offer safe payment services as Somalia transitions to a
digitaleconomy.
The new SOMQR system, which unifies digital payments into a single platform, was rolled out in the country's capital Mogadishu.
The CBS’ CEO, Abdirahman Abdullahi, stated that both businesses and people would benefit from it.
"We have a vibrant and large payment system in Somalia… [yet] this has not been connected to banks," he stressed.
In March 2023, the CBS announced the use of International Bank Account Numbers IBAN(IBANs are codes used to identify bank accounts globally and carry out international money transactions) by all domestic banks aimed at lowering their operational risks.
With the ability to make contactless payments using a QR code, anybody with an
Internet connection can use banking and other applications to make safe payments.
A nationwide payment system was introduced in 2021 by the Central Bank of Somalia to promote interoperability across 13 banks in the nation.
