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Somalia Launches Nationwide Instant Payment System to Modernize Financial Sector | THE TIMES OF AFRICA

Summary by THE TIMES OF AFRICA
The Central Bank of Somalia (CBS) has introduced the Somalia Instant Payment System (SIPS) under the Somalia Payment Switch (SPS1), marking a significant milestone in the country’s financial infrastructure. Powered by BPC’s SmartVista platform, the system aims to promote financial inclusion, reduce cash dependence, and modernize Somalia’s payment ecosystem. Key Features of SIPS Instant Payments: Consumers can now make real-time transfers and QR…
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Somalia Launches Nationwide Instant Payment System to Modernize Financial Sector | THE TIMES OF AFRICA

The Central Bank of Somalia (CBS) has introduced the Somalia Instant Payment System (SIPS) under the Somalia Payment Switch (SPS1), marking a significant milestone in the country’s financial infrastructure. Powered by BPC’s SmartVista platform, the system aims to promote financial inclusion, reduce cash dependence, and modernize Somalia’s payment ecosystem. Key Features of SIPS Instant Payments: Consumers can now make real-time transfers and QR…

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THE TIMES OF AFRICA broke the news in on Tuesday, March 25, 2025.
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