Somalia Instant Payment System (SIPS)
- Geographic Reach
Somalia
- Gender disaggregated data
No
- Geographic Region
East Africa
- Coverage
Domestic
- Year Of Establishment
2025
- IPS
Cross-domain
- Interoperability Arrangement
Multilateral
- Governance Typology
Central bank led
- Ownership Model
Regulator-owned
- System Owner
Somali Payment Switch
- Overseer
Central Bank of Somalia
- System Governance
Somali Payment Switch
- Operator
Somali Payment Switch
- Settlement Agent
Central Bank of Somalia
- Number of Unique IPS End Users
-
- Total Number Of Participants
7
- Number Of Direct Participants: Commercial Banks
7
- Number Of Direct Participants: E-money Issuers
-
- Number of Direct Participants: MFIs
-
- Number of Direct Participants: Other
-
- Number of Direct Participants: Post Office
-
- Indirect Participants Type
-
- Number Of Indirect Participants
-
- Supported Use Cases
P2P, P2B
- Supported Instruments
-
- Primary Local Channel
USSD
- Supported Channels
App, QR Code
- QR Code Enabled Type
Both
- Messaging Standard
ISO 20022
- Proxy ID
Bank account number
- Other Proxy ID Type
-
- Business Model
Not-for-loss
- Pricing Structure
Per transaction fee for transactions => 10 USD and below 10,000USD
- Scheme Rules Public
No
- Additional Recourse Requirements
Yes
- Dispute Resolution Mechanism
-
- API Functionality
Yes
- Startup Funding Source
Shareholders including the central bank of Somalia and the members of the private sector commercial bank share holders.
- Participation in Decision Making
Yes
- Mechanism for Decision Making
The participants are represented in the Board of the company at the moment. Each member as an equal voting right. The board has committees.
- Ability to become Direct Participants
No
- Entities that cannot Participate
Only licenced payment services providers with settlement accounts at the Central Bank of Somalia (CBS) can become direct participants. i.e. licensed banks
- Min Value for Transactions
No min. value
- Corporate Structure
Other
- Other Corporate Structure
Public-private partnership entity
- Pull Request to Pay Enabled
No
- Third Party Connections Enabled
Yes
- Real Time Payment Confirmation
Yes
- Transaction Validation Enabled
Yes
- Inclusivity Ranking
Not ranked
