IBAN adoption signals Somalia's reentry into global financial system

[Deeq A.]

Mogadishu (HOL) - The Central Bank of Somalia (CBS) has successfully integrated International Bank Account Numbers (IBAN) into all transactions within the National Payment System (NPS), marking a significant step in reviving the nation's financial sector. As of March 27, 2023, all banks in Somalia have adopted IBAN, which is anticipated to enhance payment processing efficiency, reduce operational risks, and minimize delays in international transfers between Somalia and IBAN-compliant countries.

Source: Hiiraan Online