First Published by SBA (Somali Banks Association)
The Somali Bankers Association (SBA) took center stage at this year’s World Bank Spring Meetings. Represented by CEO Dr. Ahmed Khadar A. Jama, the SBA presented a compelling update on the reforms, achievements, and future priorities shaping Somalia’s financial sector.
The high-level session, co-chaired by the Governor of the Central Bank of Somalia and the World Bank Country Manager, brought together passionate stakeholders working to modernize and strengthen the country’s financial system.
Dr. Ahmed emphasized several milestones:
- Banking services have expanded rapidly, reaching more Somalis and supporting broad financial inclusion.
- Investments in human capital and infrastructure have gone hand-in-hand with a fast-paced digital transformation.
- Regulatory reforms, including the National Payment System Law and enhanced AML/CFT frameworks, are raising standards across the sector.
- Integrated payment systems now deliver safer, more efficient transactions for businesses and consumers.
- Compliance has improved with increased reporting, national ID onboarding, and stronger ties with both local and international regulators.
“These achievements show Somali banks’ strong commitment to innovation, compliance, and supporting Somalia’s economic growth,” Dr. Ahmed told attendees. He also outlined the SBA’s vision for a resilient, inclusive, and future-ready financial system.
As Somalia’s banking sector continues its upward trajectory, the SBA stands ready to drive further progress in partnership with regulators, development partners, and its member institutions.
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