Somalia Embraces Digital Innovation and Enhances Financial Access with BPC’s QR Payment Solutions
In recent years, Somalia—navigating through its legacy of cash-dominated transactions—has embarked on an odyssey that promises to redefine its financial landscape. For ages, this East African nation found itself tethered to the constraints of limited banking services, with a paltry 15% of its populace reaping the benefits of formal banking. Most banks seemed to cling to urban locales as if those sprawling cityscapes were anchoring them, leaving rural and nomadic communities feeling like mere afterthoughts. It’s a place where the vast desert doesn’t just stretch out under the big blue sky; it also widens the chasm of financial access. But then someone whispered, “Why not go digital?” and everything started to change.
Like a plot twist in a gripping novel, the Somali government’s efforts to drag its financial systems into the digital era are bearing fruit. The figures tell the tale: over 160 million mobile payment transactions are now happening daily across the nation. Financial inclusion, it seems, is no longer a distant dream, but a reality inching closer with every tap of a finger.
Move over, paper bills and walk with digital grace. Somalis are embracing change, thanks in part to the government’s drive. Bangalore, Paris, or Mogadishu? It doesn’t matter. In a world increasingly swirling in the currents of change, Somalia is finding its footing in the digital realm, all part of a grand vision to create an economy that thrives on clicks and codes.
The Central Bank of Somalia isn’t just standing on the sidelines. With both hands on deck, it has teamed up with the World Bank, like two adventurers setting sail on a financial journey across Africa’s cash-based economies. With a new compass—well, regulatory frameworks—and reforms paving the way, the nation is striving for economic stability and access that isn’t as elusive as a mirage. The meticulous crafting of guidelines and directives from 2022 to 2023 is the bank’s way of shouting from the rooftops: “We will get this right.”
An official with Central Bank might as well be saying, “We’ve chosen, and it’s not a partner for a dance, but a tech wizard.” Enter BPC, a name that rings bells far beyond the Djibouti border. Their spellbinding SmartVista platform was endorsed even before a Hollywood movie premiere—leaving no room for error. With the flick of this digital wand, Instant Payments and the Unified National QR code—endearingly titled SOMQR—have been born, making cash transactions appear almost medieval.
With the SOMQR, imagine Somalis breezing through payments with ease akin to waving a magic wand. More efficient, secure, and a catalyst for financial inclusion, the SOMQR is built on international standards. Who will ever miss the days of manual data entries when seamless digital glory is within reach? The thirteen commercial banks in the country certainly won’t.
Since the curtain rose on this ambitious project, cashless transactions have flourished under Somalia’s National Payment System. Stand aside traditional cash, for digital transactions witnessed a leap of over 37% between 2021 and 2024—a tale of numbers that would make any actuary’s heart skip a beat.
“The Central Bank of Somalia wishes you an abundant financial life,” it could say, with understated pride radiating from its stance. The introduction of SOMQR isn’t just a new chapter. It’s a revolution, proving that a bank isn’t just a place for coins and cheques—it’s a cornerstone of technology and inclusivity.
Operating in cloud utopia, BPC has escorted the Central Bank from the quaint old ways into the dazzling National Payments 2.0 era. Goodbye antiquated card switches, and hello futuristic Instant Payments that can do more than just peer-to-peer tributes. Think fare collection, social benefits, taxes, and fees. The scope is endless.
With these innovative Instant Payments and QR solutions, security and transparency have become the watchwords for financial transactions. Cash handling has become the stuff for nostalgia tales—encouraging fraud accountability, visibility, and trust.
Enter stage left, Angelo Bertini, Senior Vice President at BPC. In a statement filled with equal parts exhilaration and modesty, he expressed BPC’s commitment: “We’re honored in supporting Somalia’s digital dreams. Turning the impossible into possible with our SmartVista platform is our piece-de-resistance.”
Somalia has taken significant steps towards a digital future, intertwining tradition with technology. In a dance where paper money complements its digital counterpart, there’s neither loser nor victor, just a chance for financial systems to twine seamlessly with modern living.
Report by Axadle.
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
