By Asha Elmi - Reporter
KIGALI, 6 October 2026 Somalia's central bank and the National Bank of Rwanda signed a memorandum of understanding on Monday to strengthen cooperation in the financial sector.
The agreement was signed on behalf of Somalia by Central Bank Governor Abdirahman Mohamed Abdullahi, in the presence of the deputy governor and members of the bank's board.
According to a statement from the Central Bank of Somalia, the agreement is part of efforts to build an efficient, resilient and trusted financial system.
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The memorandum provides for cooperation on digital innovation and financial technology development, strengthening supervision of financial institutions, and compliance with laws and regulations on anti-money laundering and countering the financing of terrorism (AML/CFT).
The two central banks will also exchange financial research and information and support professional development and skills-building for their staff.
The Central Bank of Somalia said the agreement forms part of its efforts to improve the quality and stability of the country's financial system.