Somalia Pushes Financial System Reform

Somalia begun overhauling its financial sector after decades of disruption, introducing new laws to strengthen regulation, combat money laundering, and curb illicit finance. The reforms aim to formalise banking, lower transaction risks, and improve access to global markets while many citizens still rely on remittances and informal systems. Banks including Salaam Somali Bank are expanding Islamic banking and digital services, alongside compliance upgrades, to support inclusion, investment, and economic recovery.