Mogadishu, SONNA — The Prime Minister of the Federal Republic of Somalia, H.E. Hamza Abdi Barre, officially launched the Somali Payment Switch (SPS) payment system today, a major step in advancing the country’s financial infrastructure.
The Somali Payment Switch (SPS) is designed to enable secure mobile money transactions through Somali banks, promoting transparency and improving access to financial services across the country.
Prime Minister Hamza highlighted the system’s role in modernizing Somalia’s payment processes, ensuring transparency in wage payments, and enhancing the security of economic services. “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.”
The SPS will play a vital role in improving financial inclusion, supporting investment in various sectors, and ensuring economic security for communities across Somalia. The Federal Government remains committed to fostering innovation and modernization in the financial sector to drive economic development.
