Mogadishu (QJ) – The Prime Minister of the Federal Government of Somalia, Hamza Abdi Barre, today launched the Somali Payment Switch (SPS), a system for instant payment transactions.
Prime Minister Hamza noted progress in the payment system, allowing the public to use digital financial services securely, facilitated by Somali banks. He encouraged the use of modern payment technology.
“For our country to achieve reconstruction, we must support private businesses and investments. The government is preparing laws to safeguard citizens’ finances. We aim to prevent the financing of terrorism to eliminate extremist groups. We are also committed to implementing government plans, including security, economic development, and the advancement of Somali society,” said Prime Minister Hamza Abdi Barre.
The launch of the Somali Payment Switch (SPS) is a modern mechanism for transferring funds through various banks in the country. It will significantly enhance efficiency, salary payments, financial service security, and investment in different sectors.
