Somaliland Central Bank, AfricaNenda Sign Financial Inclusion Deal

By:Mohamed Duale

Nairobi, Kenya – April 2025 — In a significant step toward enhancing financial inclusion and modernizing payment systems, the Central Bank of the Republic of Somaliland and AfricaNenda have signed a Memorandum of Understanding (MoU) to jointly develop and implement instant and inclusive payment systems.

The MoU was signed during an official ceremony held in Nairobi by Abdinasir Ahmed Hersi, Governor of the Central Bank of Somaliland, and Dr. Robert Ochola, Chief Executive Officer of AfricaNenda. Somaliland’s Representative to Kenya,  Mohamed Ahmed Mohamoud, was present at the signing as a witness to the milestone event.

The agreement marks a key strategic alliance between the two institutions and outlines a collaborative roadmap to improve financial services delivery in Somaliland. At the heart of the agreement are four core focus areas:

1. Design and Implementation of a National Payment System Policy and Strategy
   The MoU sets the foundation for a well-structured national payment ecosystem that supports instant and affordable financial transactions across the country.

2. Strengthening Fintech Regulation and Financial Sector Oversight
   The partnership aims to enhance governance frameworks and regulatory supervision to ensure that digital financial services operate securely and effectively.

3. Expanding Financial Inclusion for the Unbanked
   Both parties are committed to ensuring that underserved and excluded communities gain access to formal financial services, thus reducing the financial gap.

4. Technical Support and Capacity Building
   AfricaNenda will support the Central Bank of Somaliland through technical expertise and training to strengthen institutional capacity, particularly in the area of digital payments.

Speaking at the event, Dr. Robert Ochola noted, “This collaboration is a testament to AfricaNenda’s commitment to driving inclusive financial systems that serve all Africans. Somaliland is taking a bold step forward in making digital finance accessible to everyone.”

Governor Abdinasir Ahmed Hersi emphasized the importance of the MoU, stating, “This partnership will play a vital role in transforming our national payment infrastructure and ensuring financial stability across all sectors of our society.”

The initiative is expected to lay the groundwork for a more transparent, efficient, and resilient financial ecosystem in Somaliland, contributing directly to national economic development and long-term financial stability.

This MoU symbolizes a shared vision between AfricaNenda and the Central Bank of Somaliland—one that places financial inclusion, innovation, and institutional capacity building at the heart of sustainable growth.

SOURCE:HORNDIPLOMAT