Hassan Istiila
Tuesday February 21, 2023
Mogadishu (HOL) - Somali Prime Minister Hamza Abdi Barre opened the first annual Somali Banking and Finance Conference in Mogadishu on Tuesday, focused on the future of finance and transforming Somalia's financial landscape.
Somali Bankers Association (SBA) organized the two-day conference, which was attended by Minister of Finance Dr. Elmi Nur, Governor of the Central Somali Bank Abdirahman Mohamed Abdullahi, Minister of Justice and Constitution Hassan Moalim and other guests.
The conference focused on fostering innovation, compliance, technological advancement, financial inclusion, access to international markets, and the future landscape of banking in Somalia.
Prime Minister Hamza Barre highlighted the efforts of Somali business people in developing the economy, particularly the national unified payment program, which has been beneficial to the country's finances. "The country's economy cannot develop without reliable banks," he added.
Hamza emphasized that his government is committed to protecting the Somali people's wealth, reputation, and business.
"To ensure this, the government has passed laws to guide the activities of the banks," Hamza said.
He reaffirmed that the country's banking sector had created thousands of jobs for the community, which the government could not absorb.
The Prime Minister stated that the country is waging a "robust operational campaign" against al Shabab through military, finance, and ideology. He urged the banking sector to collaborate with the government in fighting the group in the financial field.
Somali Bankers Association CEO Yasin M. Ibar underlined that the conference was designed to raise awareness among the Somali community regarding the massive value contribution that Somali financial institutions are adding to the daily lives of Somali society.
"The conference is designed to offer an amazing opportunity to the participants by sharing insights about the current developments and the seamless growth of the Islamic banking and finance sector in Somalia," he added.
Governor of the Central Somali Bank, Abdirahman Mohamed Abdullahi, commended people in business, particularly banks, for their contributions to the country's economic development. He also showed a short video about the significance of the Modern National Payment System developed by CBS.
The Prime Minister urged Somali business people to invest in economic infrastructure, particularly Somali ports, to serve the region's people who need opportunities to conduct their business.
The Somali Banks Union, comprised of 13 private banks licensed by the Central Bank of Somalia, was established in 2016.