Senate finance committee consults banks and central bank on national payment system law

The Upper House Committee on Finance, Economy, Trade, Industry, Communications, and Tourism, currently reviewing and amending the National Payment System Law, held a series of meetings today with representatives from Somali banks, money transfer organizations, and the Central Bank.

The committee, chaired by Vice-Chair Senator Ibraahim Awgaab Cismaan, first met with officials from the Somali Bankers Association and the Somali Money Transfer Operators Association. During the meeting, committee members listened to their perspectives and recommendations regarding the draft law, focusing on provisions that may need amendment or addition to make the legislation effective and aligned with the country’s economic realities.

In a separate meeting, committee members engaged with the Governor of the Central Bank and other relevant officials. Discussions focused on clarifying specific clauses of the law, addressing additional inquiries, and refining the draft to ensure comprehensive understanding and practical applicability.

The committee emphasized the importance of incorporating feedback from financial institutions and regulators to strengthen Somalia’s payment systems, enhance transparency, and foster a secure and efficient financial environment for businesses and citizens.

The consultations mark a significant step toward finalizing a modernized legal framework that supports economic growth, financial inclusion, and sustainable development in Somalia.