Somaliland: Poet Labsalah Queries Electronic Banking

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Youthful poet Hasan Suleiman Duhul Labsalah wants the Somaliland government to regulate e banking in the country

By: Latifa Yusuf Masai 

Somalilandsun – Contrary to norms in countries like Nigeria and Kenya the local electronic banking system offers no security for deposits. 

This was stated by youthful poet Hasan Suleiman Duhul ‘Labsalah’ at the ministry of information in Hargeisa during the ascension to office of the new Somaliland National TV general manager Kadar Akule. 

Praising the appointment of Akule tohead SLNTV the poet who dabbles his trade with Geeska Africa troupe said “we are all aware of the journalistic skills of Akule thence sure that service provision under his charge at our national TV channel are set for higher heights” 

Informing that personal concerns forced him to deviate from the relevantpoet Labsalah went on to query the security of deposits made through electronic banking system in the country. 

Said he, “There are two issues assaulting our country today, one being the  severe drought affecting our nomadic communities while the other one is manmade namely the electronic banking systems”

Praying to Allah for relief  from drought and its effects for he is the giver and taker at his wish, the poet said the country is engulfed by “air money” controlled by  Zaad and E-dahab in which transactions are being made without any money changing hands 

Acknowledging that the e-banking system makes life easier Labsalah said that the main fear relate to the unprotected deposits owing to the fact that the government of Somaliland does not have any regulatory measures in place. 

In Kenya and Nigeria where a vibrant e-banking system operated by MTN is in place depositors are guaranteed by the respective governments which impose strict regulations that include a substantial amount deposited with the central bank as collateral before licensing. 

According to Labsalah, Apart from lack of security for deposits in case of anything going wrong with local e-bank operators the government accrues zero income from the whole transaction that is widely in use. 

Said he, “how is it possible that a poor women hawking tomatoes in our streets is taxed on a daily basis while the multimillion e-banking business goes scot free” 

Thanking  the president for appointing Akule to head SLNTV and his audience for the grace to deviate from issues of the occasion poet Hasan Suleiman Duhul ‘Labsalah’ to review the e-banking operation with a view to establishing regulatory measures as well as expeditiously start taxing them similarly with street hawkers. 

E-dahab mobile money is operated by Somtel atelecommunication company owned by Daabshil group of companies while its competitor Zaad is operated by Telesom another giant telecommunications company in the country.

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