The Somalia Payment Switch (SPS1), payments infrastructure under Central Bank of Somalia, has introduced an Instant Payment System that includes support for QR payments, powered by BPC’s SmartVista platform.
The initiative, described as the “country’s first,” seeks to modernise Somalia’s payment system and promote financial inclusion.
Through the SOMQR, national QR payment standard and the establishment of the Somalia Payment Switch (SPS) as operator, CBS aims to reduce cash dependence and expand financial services nationwide.
SPS has selected BPC’s SmartVista platform, a solution that meets both local and international regulatory standards.
The platform features multiple elements, including a Participant Portal for real-time transaction monitoring, an Integration Platform for connectivity, and a Dispute Portal for efficient case resolution.
BPC’s Fraud Management Solution will soon transition from its initial cloud deployment to a local data centre.
The newly implemented infrastructure allows SPS to process transactions in “real-time, 24/7/365”, with security measures like Public Key Infrastructure (PKI) to prevent unauthorised access.
The CBS, acting as the clearing and settlement agent, oversees integrated settlement and liquidity management solutions by providing real-time position updates and multiple settlement cycles.
Somali consumers can now make instant transfers and QR payments securely via mobile apps, using PIN or OTP authentication.
CBS Governor and SPS Chairperson Abdirahman M. Abdullahi said: “The launch of SIPS in January 2025 marks a transformative milestone for Somalia’s financial sector. This innovation brings speed and security to daily transactions, empowering businesses and individuals to embrace a cashless economy. BPC has proven to be a reliable technology partner, delivering a robust solution that propels Somalia’s payment ecosystem to a new level.”
BPC vice president and chief commercial officer Angelo Bertini added: “We are honoured to support Somalia’s transition toward a fully digital, inclusive financial ecosystem and share our international and local expertise to assist SPS throughout this transformative journey. Providing next-generation technology is vital for enabling safe and efficient payment services. Our future-proof, scalable SmartVista platform is designed to support national projects like this for decades to come. We look forward to further accelerating Somalia’s digital transformation and expanding the reach of financial services to more people and communities.”
Seven banks are now connected to the Somalia Instant Payment System (SIPS), with another six set to join.
CBS and SPS plan to develop a National Payment Infrastructure to support economic recovery and global integration.
In December 2024, Pakistan’s MCB Bank tapped BPC to enhance digital channel security with the SmartVista Fraud Risk Management Solution.
