Mogadishu, April 2026 — Dr. Ahmed Khadar A. Jama, CEO of the Somali Bankers Association (SBA), represented Somalia’s banking sector at the 2026 World Bank Spring Meetings, participating virtually in a high-level session focused on the country’s financial system.
Co-chaired by the Governor of the Central Bank of Somalia and the World Bank Country Manager for Somalia, the session brought together key stakeholders actively working to strengthen and modernize the nation’s financial landscape.
Dr. Ahmed shared the sector’s remarkable progress and articulated future goals, ensuring Somalia’s voice was heard on the global stage. Participants spotlighted several significant achievements:
- Rapid expansion of banking services, resulting in more branches and greater financial inclusion for communities across Somalia, including previously underserved areas.
- Major investments in staff training, professional development, and banking infrastructure, coupled with the accelerated adoption of digital banking channels, aim to make services more accessible and efficient.
- Introduction of crucial regulatory reforms, such as the National Payment System Law and stronger anti-money laundering and counter-terrorism financing frameworks.
- Integration of payment infrastructure enables faster, more secure transactions between banks and financial institutions, streamlining business and consumer payments.
- Enhanced compliance through increased Suspicious Transaction Report (STR) submissions, use of national identification for client onboarding, and deeper collaboration with national and international regulators.
“These milestones reflect the unwavering commitment of Somali banks to compliance, innovation, and integrity, and reinforce our sector’s vital role in Somalia’s economic growth,” Dr. Ahmed stated.
The SBA reaffirmed its dedication to working with regulators, development partners, and member institutions to build a resilient, inclusive, and forward-looking financial system for Somalia.
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