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VIDEO: Somalia’s $2 Billion Banking Industry Confronts Obstacles in Embracing Cryptocurrency
Mogadishu (AX) — Somalia’s banking industry, worth a cool $2 billion, is gearing up for some serious expansion. This growth spurt is fueled by new rules and a rising wave of interest in fintech. But there's a hitch with bringing cryptocurrencies into the mix, as the sector grapples with syncing up international financial norms and Islamic banking values.
While people are starting to buzz about cryptocurrency in Somalia, the chatter is still pretty nascent. Local banks are dipping their toes into figuring out how to weave…
Tensions Rise Between Somalia and Ethiopia; UN Calls for Peaceful Dialogue
Washington— During a pivotal week for Somalia's security blueprint, dialogues in Washington and New York highlighted the pressing necessity for readiness ahead of the African Union Support Mission in Somalia (AUSSOM). Rising friction between Somalia and Ethiopia over Ethiopia's maritime accord with North Western State of Somalia has stirred the pot, capturing the attention of global stakeholders.
Somalia is on the verge of finalizing the lineup for the fresh AUSSOM, with the current African Union mission wrapping up…
North Western State of Somalia Rejects Somali Government’s Election Remarks as Unfounded
FILE - North Western State of Somalia's Deputy Minister of Foreign Affairs, Ambassador Rhoda J. Elmi, makes her voice heard during a press briefing in Hargeisa.
Mogadishu (AX) — The North Western State of Somalia administration has refuted recent declarations from Somalia, labeling them as "unfounded" and accusing them of trying to meddle in North Western State of Somalia's self-determination. These accusations followed remarks by Fiqi at the UN Security Council, where he aired concerns regarding the political climate in…
SSC Khaatumo Calls for Inclusion in Somalia’s National Consultative Council
In the capital city of Mogadishu, leaders from Somalia's federal and regional bodies gathered for the National Consultative Council (NCC) powwow. This session zeroed in on critical issues like security, governance, and the hustle and bustle of economic growth.
Meanwhile, Hargeisa (AX) — The provisional authority of SSC Khaatumo stepped up on the podium, formally seeking a voice at the ongoing NCC meetings. They argued their corner, saying that as a legitimate federal entity under the Somali government, they’ve got a right…
Turkey’s Oruc Reis Survey Vessel Scheduled to Depart for Somalia This Saturday
In the latter part of October, a ship is set to anchor near Somalia's shore to perform seismic surveys for potential oil and gas reserves!Casting off from Istanbul this Saturday, Türkiye's own research vessel, Oruc Reis, is prepped for a Somali voyage, with President Recep Tayyip Erdogan and Energy Minister Alparslan Bayraktar waving it off.The boat's on track to hit Somalia's waters before October fades. There, it'll hunt for oil and gas in three zones where Türkiye's bagged exploration rights, according to official chatter…
Somalia Confirms Ethiopia’s Omission from AUSSOM Mission Due to North Western State of Somalia Agreement
Mogadishu (AX) – On Saturday, Abdukhadir Mohamed Noor, Somalia’s Defense Minister, firmly stated that Ethiopian troops would not join the forthcoming African Union Support Mission in Somalia (AUSSOM) unless Ethiopia exits the Memorandum of Understanding (MoU) agreement with North Western State of Somalia.During a media briefing in Mogadishu, Minister Noor explained that Somalia is considering different contingencies to replace the Ethiopian forces if there's no withdrawal from the MoU.“Ethiopian troops won't participate in…
Jubaland’s Madobe Puts Somalia’s 1PV Election Schedule in Jeopardy
Mogadishu (AX) — Jubaland's big cheese, Ahmed Madobe, has turned his thumbs down on Somalia's federal scheme to roll out a straightforward one-person, one-vote setup. He’s concerned about election tardiness and the chance of officials sticking around longer than they should. During the ongoing National Consultative Council (NCC) huddle in Mogadishu, Madobe's dissent poses a real spanner in the works for the country's electoral makeover, stirring up doubts about timely implementation of the one-person, one-vote system."Back…
AG Accuses Developer of Defrauding Somali Immigrant Families
On Wednesday, the Minnesota Attorney General, Keith Ellison, slapped a lawsuit on a property development outfit in Hennepin County for allegedly fleecing Somali families eager to buy homes. The case centers on accusations against Nolosha Development LLC, run by Abdiwali Abdullahi, claimed to have pulled the wool over consumers' eyes with dodgy sales pitches regarding a community project in Lakeville, according to an official release.
According to the lawsuit, Nolosha allegedly spun tales about single-family homes, offering…
Somali Forces Eliminate 80 al-Shabab Fighters in Operations Across Galmudug and Hirshabelle States
FILE PHOTO
Mogadishu (AX) – In a decisive sweep, Somali National Army (SNA) troops, along with international allies and local supporters, took down over 50 al-Shabab fighters in the Galgadud region, as revealed by the Somali Ministry of Information on Saturday.
The collaborative effort focused on obliterating al-Shabab positions deep within the wooded terrains between Bidda Issa and Gerile in Elder district, dealing a severe blow to their operations.
"Our armed forces with international backing launched an assault on the…
Somali Passport Bearers Affected by Italy’s Halt on Schengen Visa Issuance
Over the last ten years, the Somali passport has clawed back some of its lost prestige, moving up the ranks from a dismal 128th to a more respectable 95th on the Passport Power Index. However, challenges linger around how this document is distributed and its perception on the global stage.