Somaliland: Gov’t Warns Mobile Banking Providers against Floating Directives to Combat Inflation

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Somalilandsun – The committee appointed to fight inflation led by the Minister of Postal and Telecommunications Services Dr. Abdiweli Abdillahi Jibril and comprising the chairman and director general of the central bank of Somaliland have issued a stern warning to Telesom Company for flouting the government directive to fight inflation in the country.

Speaking to journalists at his office Dr. Abdiweli stated that the presidential committee to fight inflation had drawn some rules for telecommunications companies to follows. The committee had instructed all mobile money transfer below $100 transactions should be in Somaliland shillings; this comes following lengthy meetings the inflation committee held with these telecommunications firms.

Somaliland Minister of Postal and Telecommunications Services Dr. Abdiweli Abdillahi Jibril

According to the meeting minutes the companies were given 45 days grace period to implement these directives. The committee to fight inflation slated 23rd January to 13th March 2018 however no company sent the committee any complaint concerning the directive.

The minister said ”The telecommunications firms requested us to give them 4 days so that their clients could be able to exchange their money from dollars to Somaliland Shillings of which we obliged putting into account people who were in the countryside and those working in offices. These four days period started on 13th March 2018 and will end today at midnight 17th March 2018.”

The committee announced to the business community across the country and all Somaliland citizens in general to sell their goods and services using the legal tender of Somaliland the ‘Shilling’.

Minister Abdiweli urged other businesses to emulate the telecommunications companies Telesom and Somtel and do their transactions in Somaliland Shillings. He also confirmed that the committee is ready to hear and address any grievances from all stakeholders.

By: Guleid Abdi Maher

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