Somalia relaunches payments system after three decades of absence
World Bank played key role in restoring system to war-torn country, governor tells Central Banking
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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