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Building trust in Somalia payments system
Somalia’s mobile money ecosystem is one of its greatest economic successes. It expanded access faster than most African banking systems ever did. Reform should strengthen that achievement, not destabilise it.
Somalia runs on mobile money. Traders use it. Families rely on it. Salaries are paid through it. In many parts of the country, mobile wallets have done what banks could not. They built a functioning financial system in a fragile state.
Now the government has introduced the Somali Instant Payment System (SIPS). It is designed to route transactions between banks and mobile money providers through a single national hub.
