Somali Instant Payment System (SIPS)Somalia’s instant payment rail, launched in January 2025 together with the Somali Payment Switch (SPS), on top of the National Payment System set up in July 2021. It supports 24/7 transfers between banks, mobile wallets, and payment terminals, for P2P, P2M, and G2P payments. It stands out on two counts: it was rolled out in a post-conflict setting, and in a country where mobile money came well before banking infrastructure. The central bank estimates that more than two-thirds of payments there already go through digital channels.Central Bank of Somalia · since 2025
Global registry · Africa & Middle East · East Africa
Somalia Payment systems
1 system listed.
This country doesn’t have a written market analysis yet: e-commerce shares, regulator, and key players are still to be documented. The systems below, however, are verified.
IBAN · Somalia
23 characters7 BIC codes
- Total length
- 23 characters
- Bank code position
- 5–8
- BBAN structure
4!n15!n
Structurally valid example
SOcountry code21check digits1000bank001001000100141account
SO21 1000 0010 0100 0100 141
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