MOGADISHU (SONNA) – The Parliamentary Committee for Budget, Finance, Planning, International Cooperation, and Government Accountability held a crucial consultative meeting on Wednesday with representatives from Somalia’s private banks and money transfer companies (Hawalas).
The meeting, which took place at the committee’s office in Villa Hargeisa, was convened to gather expert industry feedback on the draft of the new National Payment Bill. The legislation, which is currently being reviewed by the committee, aims to create a modern, regulated framework for the country’s financial transactions.
The session was chaired by the Committee Chairman, Hon. Abdi Ibrahim Warsame (Qowdhan). The primary objective was to ensure that the perspectives and technical expertise of the private financial sector were integrated into the legislative process before the bill moves forward.
Representatives from the various banks and financial institutions provided detailed input, offering their recommendations and analysis on specific articles within the draft bill. Their contributions are seen as vital to ensuring the final law is practical, effective, and aligned with both international standards and the unique realities of Somalia’s dynamic financial market.
In his concluding remarks, Chairman Qowdhan extended his gratitude to the financial sector representatives for their valuable and constructive input. He affirmed that the committee is committed to this inclusive approach and will continue to hold regular consultative meetings with all relevant ministries, government agencies, and private sector stakeholders on all legislation under its review.
