Somalia Launches Instant Payment System to Ease Money Transfer Among Banks and Mobile Networks

GOOBJOOG NEWS|MOGADISHU: Prime Minister Hamze Barre has launched the Somalia Instant Payment System (SIPS) aimed at enhancing interbank and mobile money transfers across the country.

The PM launched the system in Mogadishu following the development and finalisation of the system by the Central Bank of Somalia.

According to the CBS, the system, real-time platform developed by the Somali Payment Switch will revolutionize financial inclusion and modernizing Somalia’s payment ecosystem.

The PM said the launch of SIPS was critical in development confidence in the country’s financial sector and attracting investment.

“For our country to rebuild, we must support the private sector and investment,” he said, emphasizing the government’s commitment to protecting public finances and combating terrorist financing.

He also stated, “We are preparing laws to safeguard people’s finances, prevent terrorist funding, and implement government plans that are central to the security, economy, and development of Somali society.”