In June 2023, CBS officially launched Somalia’s Unified National Quick Response Code (SOMQR). This code is the standard code system that guides how payment service providers are regulated by CBS and issues Quick Response Codes (QR) to businesses and consumers in the country. SOMQR follows internationally recognized EMVCo (Europay, MasterCard, and Visa) standards. “The SOMQR Code standard will revolutionize the payment landscape in Somalia as a low-cost, scalable, secure and interoperable solution towards a cashless society,” said the CBS Governor at the launching event held in Mogadishu on 20th June, 2023. The event, which saw Somalia joining peers like Kenya and South Africa to become one of the few African country to have launched a standardized code, brought together representatives from different telecoms and financial institutions licensed by the CBS. Numerous key officials attended the historic event, including Deputy Minister of Finance Abdiqafar Hange, Chair of the Somali Chamber of Commerce, Mahamud Gabeire, Chairman of the Parliament’s Finance Committee.

Mohamed Farah Nur, Chairman of the Somali Bankers Association, Ahmed Shirwa, and CEOs of private banks. During the event, Deputy Minister of Finance Abdiqafar Hange emphasized the significant advantages of the SOMQR code and highlighted its role in facilitating efficient revenue collection. Moreover, the Deputy Governor of CBS, Ali Yassin Sheikh, remarked that SOMQR would facilitate efficient payment systems in Somalia and improve the country’s financial system. At the end of the event, CBS Governor Abdirahman Mohamed Abdullahi distributed operational guidelines to the chairman of the Somali Bankers Association (SBA) and CEOs of private banks, delivering clarity and guidance for the successful implementation of SOMQR. With the increasing usage of real time instant payment systems and the potential benefits of QR Codes, CBS has joined forces with 13 commercial banks in the country to address identified interoperability gaps, such as in the collection of taxes and fees. Further, customers from 13 banks and three mobile network operators (MNOs) will be able to use their existing mobile apps to instantly exchange funds effectively. Seamless payments can be made via a QR code, which means all one needs is access to the internet for secure payment services via banking and other apps. The introduction of SOMQR marks a significant milestone in the country’s digitalization process and underscores the CBS’s dedication to facilitate secure and efficient financial infrastructure to support economic growth.