About The Bill

Mogadishu November 8, 2025 Members of the Somali Civil Society, represented by Somalia Non-State Actors under the GoleKaab Project, attended the 12th sitting of the 7th Session of the House of the People of the Federal Parliament of Somalia, as part of their continued role in promoting transparency and accountability in parliamentary processes. During the session, chaired by H.E. Adan Mohamed Noor (Madobe), Speaker of the House of the People, Members of Parliament attended the quorum was 156 and overwhelmingly approved the National Payment System Bill with 154 votes in favor and 2 abstentions. The Bill now proceeds to the Upper House (Somali Senate) for further consideration. The National Payment System Bill, presented by H.E. Hon. Bihi Iman Egeh, Minister of Finance of the Federal Government of Somalia, during the first proposal of the first reading, was introduced with a request from the Minister urging Members of Parliament to immediately begin deliberations and approve their endorsement to establish a modern, unified, and secure legal framework to regulate all national and digital payment mechanisms. The Bill empowers the Central Bank of Somalia to license, supervise, and oversee payment systems, digital money platforms, and other financial service providers, ensuring consumer protection and financial stability. If implemented effectively, this law will: • Strengthen public confidence in Somalia’s financial system. • Promote digital finance and inclusive economic growth. • Enhance transparency and accountability across the payment sector. • Safeguard customer data and prevent financial crimes. • Integrate Somalia’s payment systems with regional and global standards. Overall, this Bill represents a key milestone in modernizing Somalia’s financial infrastructure and supporting the transition toward a more digital, transparent, and resilient economy.