Monday 12, Jan 2026 {HMC} Somalia’s Upper House of Parliament on Monday overwhelmingly approved the National Payment System Bill, a key piece of financial legislation aimed at strengthening regulation and oversight of the country’s rapidly expanding payments sector.
The bill was passed during the 14th session of the Upper House’s seventh sitting, with 28 senators voting in favor and no votes against or abstentions, parliamentary officials said.
advertisements
The session was presided over by Upper House Speaker Abdi Hashi Abdullahi, accompanied by Second Deputy Speaker Abdullahi Hirsi known as Timacadde. The agenda focused on the bill’s third and final reading.
Deputy Chairperson of the Upper House Finance Committee, Senator Ibraahim Awgab Osman, presented the committee’s report, outlining revisions made after incorporating recommendations and concerns raised earlier by senators. Following deliberations, the bill was put to a vote and approved by a decisive margin.
The Ministry of Finance welcomed the vote, praising both chambers of parliament for endorsing legislation it said is critical to strengthening Somalia’s financial system. Officials say the law will provide a clear legal framework for regulating payment service providers, improving transparency and safeguarding consumers in a country where mobile money plays a central role in daily economic life.
The Upper House vote follows approval by the House of the People in November 2025. The lower chamber passed the bill during its 12th sitting of the seventh session, chaired by Speaker Sheikh Adan Mohamed Nur, also known as Madobe. According to parliamentary records, 154 lawmakers voted in favor of the legislation.
The National Payment System Bill was drafted by the Ministry of Finance as part of broader efforts to modernize Somalia’s financial sector, align regulations with international standards and support economic stability.
With approval by both houses, the bill is expected to be sent to the president for signing into law, marking a significant step in formalizing oversight of electronic payments and financial services in Somalia’s evolving economy.
Source Hiiraan online
