In an effort to modernize and digitize the national payment systems in the conflict-ridden Horn of Africa country, the Central Bank of Somalia launched the Somali National Quick Response (QR) Code Standard on Tuesday in Mogadishu.
The chairman of the Parliament’s Finance Committee, Ahmed Shirwac, the chairman of the Somali Bankers Association, Mahamud Gabeire, the deputy minister of finance Abdiqafar Hange, CEOs of private banks, and other participants attended the launching event.
Abdiqafar Hange, the deputy minister of finance, emphasized the SOMQR code’s significant benefits throughout the event. He pointed it’s role in facilitating effective revenue collection while highlighting its benefits for safety and economizing .
He also mentioned the government’s initiatives to establish a national ID, which will ensure that the nation’s equipment and policies are ready for implementation.
Minister Abdiqafar Hange weighed the need for a cooperative strategy between the public and private sectors and the significance of private sector accountability to the government when implementing crucial policies.
He continued by saying that the procedure would help build trust with international partners and promote accountability, integrity, transparency, and the fight against corruption.
The merits of SOMQR were also pointed out by Mahamud Gabeire, the chair of the Somali Chamber of Commerce, who emphasized how well it would affect efforts to combat corruption and collect taxes.
He perceived the adoption of SOMQR as a crucial step toward economic development and digitalization. Mohamed Farah, the chairman of the finance committee in the parliament, emphasized the significance of its extension to all areas of the nation.
Ahmed Shirwac, the chairman of the Somali Bankers Association, acknowledged the central bank’s and private banks’ joint efforts in launching SOMQR. He requested that key National IDs be issued quickly from the parliament and cabinet ministers.
Recently, the Central Bank of Somalia (CBS) received the prestigious Award of Central Banking’s Payment and Market Infrastructure Development for 2023 at a distinguished ceremony held in London.
The award came at a crucial time for the Central Bank of Somalia, which is still laying the groundwork for a robust and inclusive financial system.
CBS aims to strengthen its capacity to regulate financial institutions and create policies that promote sustainable economic growth by putting a special emphasis on capacity building.