Somalia: Central Bank sets up new IT platform to modernise the financial sector

Jun 02, 2016

The aim is to attract more foreign investors.

The Central Bank of Somalia has partnered with IT firm SOFGEN to implement a new IT platform in a bid to modernise the country’s financial sector.

SOFGEN's chief executive Tunde Oladele told People Daily that the aim is to attract more foreign investors to the country.

"We are hoping to automate the financial sector(..) and make it efficient," he said.

The first phase of the project, supported by the World Bank, will cost an estimated Sh251.6 million (€383,700) and is set to be complete within nine to 12 months.

Governor of Central Bank of Somalia Bashir Ali believes that the project will allow many citizens to access reliable financial services.

"Its successful implementation will empower the Central Bank to play its role more effectively and also provide the needed foundation upon which all other future initiatives will rely," he said.

This initiative comes as the country is emerging from a long period of civil war that has lasted for a generation.ADNFCR-2976-ID-801819593-ADNFCR