In a landmark development for Somalia’s financial sector, the Central Bank of Somalia (CBS) has unveiled the Somali Quick Response Code (SOMQR) standard, setting the stage for a unified national digital payment ecosystem. This innovative standard will govern how CBS-regulated payment service providers issue QR codes to merchants and consumers across the country, adhering to internationally recognized EMVCo standards.

The initiative represents a collaborative effort between CBS and SPS member financial institutions comprising of thirteen commercial banks to address interoperability challenges in the current payment landscape. Standardizing QR codes will enable seamless transactions across different financial institutions and payment platforms.

The SOMQR standard complements CBS’s existing national payment system achievements, including Real-Time Gross Settlement (RTGS) and Automated Clearing House (ACH). This integration strengthens the foundation for an efficient and modern payment infrastructure.

As the national payment switch operator, SPS will play a crucial role in facilitating interoperability between different financial institutions using the SOMQR standard. The switch will enable:

• Seamless routing of QR-based transactions between participating banks
• Real-time settlement of inter-bank payments
• Standardized processing of QR code transactions across the network

The thirteen participating commercial banks and other financial institutions that will join the adoption of the standard will integrate SOMQR capabilities into their existing mobile applications.

This initiative marks a significant step toward Somalia’s vision of a cashless society and demonstrates CBS’s commitment to fostering a technologically advanced, inclusive financial sector. The SOMQR standard is expected to accelerate digital payment adoption while ensuring security and efficiency in financial transactions across the country.