In a prestigious ceremony held in London, the Central Bank of Somalia (CBS) was honored with the esteemed Award of Central Banking’s Payment and Market Infrastructure Development for 2023. The award was graciously received by Governor Abdirahman M. Abdullahi on behalf of CBS, recognizing the bank’s remarkable efforts in enhancing the financial sector infrastructure.
Governor Abdirahman expressed gratitude for the recognition, attributing the achievement to the relentless dedication and hard work of CBS staff and management. This acknowledgment serves as a testament to their commitment to advancing the financial landscape within the nation.
The Central Banking award acknowledges CBS’s significant contributions to the development of payment systems and market infrastructure, which play a crucial role in facilitating economic growth and stability. By fostering a robust institutional capacity, CBS aims to solidify its role as an effective regulator and policy-maker, further bolstering its support for Somalia’s financial stability and overall economic progress.
The recognition comes at a pivotal time for the Central Bank of Somalia, as it continues to lay the foundation for a resilient and inclusive financial system. With a focus on capacity building, CBS seeks to fortify its capabilities in regulating financial institutions and formulating policies that foster sustainable economic growth.
The award-winning efforts of CBS reflect the bank’s dedication to promoting financial inclusion, attracting investment, and ensuring the stability of Somalia’s economy. Through innovative initiatives and strategic collaborations, CBS has been instrumental in driving the modernization of payment systems and market infrastructure within the country.
As Somalia progresses on its path to economic development, the Central Bank remains committed to its mission of building a strong and resilient financial sector. By embracing technological advancements and nurturing partnerships, CBS aims to create an enabling environment that supports the growth of businesses, enhances financial services, and ultimately improves the lives of the Somali people.
The recognition by Central Banking serves as a milestone achievement for the Central Bank of Somalia, validating its relentless pursuit of excellence in the realm of payment systems and market infrastructure. With this accolade in hand, CBS stands poised to continue its transformative work, spearheading Somalia’s financial sector development, and contributing to the nation’s progress on the global economic stage.
Source: Somali National News Agency