The National Communications Authority and the Central Bank of Somalia have signed a memorandum of understanding (MoU) aimed at strengthening the regulation and oversight of Digital Financial Services (DFS), including mobile money services across Somalia.
The agreement reflects the growing importance of digital payments in the country’s economy and highlights the need for closer cooperation between financial and telecommunications regulators.
The MoU is expected to improve coordination between the two institutions in areas such as consumer protection, cybersecurity, financial inclusion, licensing, and compliance with national regulations. Mobile money services have become a key part of daily life in Somalia, enabling millions of people to conduct transactions, pay bills, and access financial services through their mobile phones. By working together, the two authorities aim to ensure these services remain secure, reliable, and accessible to the public.
The partnership also supports Somalia’s broader digital transformation agenda by promoting innovation and trust in the digital financial ecosystem.
Officials from both institutions emphasized that the agreement will contribute to economic growth, enhance regulatory efficiency, and create a safer environment for digital financial transactions in the country.
