The Somali Bankers Association(SBA) announced its first banking and financial conference in Mogadishu, Somalia. The conference will be held at the Jazeera Palace Hotel from February 20 to February 21. This will be the first in a series of annual conferences.
The summit’s theme, “The Future of Finance: Transforming Somalia’s Financial Landscape,” will address technological innovation, financial inclusion, financial literacy, innovation, and risk and compliance management.
Key government officials will be present, including Prime Minister Hamza Abdi Barre, Finance Minister Dr. Elmi M. Nur, Commerce and Industry Minister Hon. Jibril Abdirashid Haji Abdi , Central Bank Governor Abdirahman M. Abdullahi, and Economic Advisors to the President, among others.
Overall, over 200 national and international participants are expected to attend.
One of the main aims of this event is to raise awareness about the banking sector’s contribution to Somalia’s economic reconstruction.
Speaking to the Somalia Investor Magazine, SBA CEO Yasin Ibar expressed great enthusiasm for the convention and the role it will play in showcasing the banking sector’s growth thus far as well as the challenges faced.
“This is a great opportunity for the banking and finance sector in Somalia as it will showcase and shed light on the development and milestones reached as well as the challenges surrounding the sector,” Ibar stated. “An efficient and competent financial sector will help other sectors of the economy thrive. “This will be an opportunity for the world to learn about the positive aspects of Somalia, investment opportunities, and the digitalization of the financial sector,” he added.
The forum will allow participants to share their perspectives on current developments in the Islamic banking and finance sector.
Furthermore, it is expected to draw international investors and key business players who will contribute to the growth of Somalia’s business sector.
According to Liban Muhudin Alim, Director of Programs at SBA, this summit is the first step toward revitalizing Somalia’s banking industry.
“The conference will bring together all financial sector stakeholders to discuss the future landscape of Somalia’s financial sector. It is also an excellent opportunity for the banking industry to highlight its products and services, as well as the market challenges it faces,” Alim stated. “Considering a large portion of the Somali people are unbanked, this summit will provide an opportunity for the inclusion of low-income individuals in banking and finance,” he went on.
By promoting integration and the transfer of technology and ideas, the convention will open the country up to regional and international markets.
The SBA hopes to increase the Somali people’s access to banking and finance access by championing financial education and inclusion.
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