Somalia re-launches payments system after three decades of absence

Abdirahman Mohamed Abdullahi
CBS governor Abdirahman Mohamed Abdullahi
Photo: Central Bank of Somalia

Somalia’s central bank has restored its national payments system after 30 years when the country lacked one due to civil war and state breakdown.

“This really transforms the whole economy,” central bank governor Abdirahman Mohamed Abdullahi said. Having a payments system would boost Somalia’s GDP growth and increase financial inclusion, he told Central Banking.

Somalia’s government essentially broke down in the early 1990s, and the country lacked a payments system from at least 1991. The World

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