Regulatory Alerts2025-06-10
Mobile Money Regulations 2020 (Amended 2021)
The Central Bank of Somalia has issued comprehensive regulations governing the licensing, operation, and supervision of mobile money service providers. The framework mandates a minimum capital of USD two million, strict segregation and full backing of consumer funds in commercial bank accounts, and robust AML/CFT compliance alongside secure technology systems. It establishes clear licensing procedures, permissible and prohibited activities such as banning e-wallet lending, and empowers the regulator to enforce compliance through directives, monetary penalties, and license suspension or revocation.
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