Unified National Quick Response(QR) Code was released by the Central Bank of Somalia (CBS).
The Somali Quick Response Code (SOMQR) will be the abbreviation for the QR code standard.
The Quick Response Codes (QR) that merchants and consumers in the nation will get will be issued in accordance with the SOMQR standard by payment service providers that are subject to CBS regulation.
This is a step toward the country of East Africa digitizing payments. The standardized QR code was introduced by CBS to promote interoperability. As a result, CBS has partnered with 13 Somalian business banks.
SOMQR adheres to the widely respected EMVCO standards. A global technical organization called EMVCo works with industry stakeholders to provide payment products that operate easily and securely across all geographies.
The national QR code standard will make interbank transfers more quickly. This is a step toward the Central Bank of Somalia’s goal of making the nation a cashless society. Customers from thirteen banks and three mobile carriers will currently be able to swap funds using their existing mobile apps.
Somalia’s National QR Code Follows Kenya Footsteps
SOMQR provides payments and transfers between individuals. It will also make it possible to use government services. Tax and fee collection is a part of this.
The Kenya Quick Response(QR) Code Standard 2023 was introduced by CBK in May. This is a key turning point for the two neighboring nations. The national QR codes will act as effective and secure financial infrastructures in both nations.
So, it is anticipated that SOMQR adoption will promote economic growth.