CBS launches QR code for secure and convenient transactions

GOOBJOOG NEWS|MOGADISHU: Somalis will now be able to transact securely and more efficiently thanks to the launch of a Quick Response Code Standard by the Central Bank.

The Central Bank of Somalia launched the code dubbed SOMQR in an event attended by all the 13 commercial banks in the country. Central Bank Governor Abdirahman Abdullahi said the code will enable merchants and shoppers to pay or receive transactions under a unified system of parameters for the security of users’ money.

“SOMQR Code Standard will revolutionise the payment landscape in Somalia as a low-cost, scalable, secure and interoperable solution towards a cashless society,” the governor said.

He noted that SOMQR will revolutionise the payment landscape in Somalia as a low-cost, scalable, and secure swift payment platform. “The standardized QR code will enable merchants to receive their payments instantly. It is a convenient, anytime-anywhere payment service which is easy to fast and cost-effective for both sellers and buyers.”

The Chairman of the Somali Bankers Association, Ahmed Shirwac, acknowledged the collaborative efforts of the central bank and private banks which resulted in the launch of SOMQR code and also called on parliament and the cabinet to fast track the issuance of national IDs to enable a uniform customer information database.

Somalia now joins countries such as Kenya and South Africa which have also introduced the QR codes. The launch of the code adds to a series of major developments by the Central Bank among them the launch of the National Payment System two years ago which now enables communication among banks in the country to ease transactions.