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Somalia

Somalia National Payment System

Scheme name: Somalia National Payment System

IIPS Type: Bank

Inclusivity level: Not ranked

Year of establishment: 2021

System owner: Central Bank of Somalia

Overseer: Central Bank of Somalia

Operator: Central Bank of Somalia

Total Participants: 8

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CategorySomalia National Payment System
Geographic reachDomestic
Geographic descriptionSomalia
Scheme governanceCentral Bank of Somalia
Settlement agentCentral Bank of Somalia
Participants - commercial banks8
Participants - MMOs0
Participants - non-bank PSPs0
Participants - MFIs0
Volumes 2018-
Volumes 2019-
Volumes 2020-
Volumes 2021439,901
Values 2018- USD
Values 2019- USD
Values 2020- USD
Values 2021580,392 USD
Values 2022386,889 USD
GNI7,585,987,106
GNI (%)0.01%
Interoperability arrangementThird party
Ownership modelRegulator-owned
Governance TypologyCentral bank
Messaging standardN/A
Types of proxy IDsNo
Use of open APIsN/A
QR code standard N/A
Pro-poor governanceNo
CB governance involvementYes
Expanded use casesNo
Minimum channel functionalityNo
Minimum use case functionalityYes
All licensed PSPs can participate (all-to-all interoperability)No
RecourseNo
Not-for-lossNo

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