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Somalia’s instant payment system powering economy
The Somalia Payment Switch, which operates SIPS, was established as a partnership between the Central Bank and 13 commercial banks. That structure was deliberate.
When I assumed leadership of the Central Bank of Somalia, one question drove much of my thinking: how can we build an economy that matches the aspirations of our people?
Part of the answer lies in the financial infrastructure that allows money to move securely, businesses to trade and citizens to participate.
