The members Somali bankers association has elected Abdirisack Mohamed Ahmed as the chairperson of the umbrella.
The banking Industry Umbrella body which gathers the banks operating the country has offered Ahmed one year mandate to lead the association.
Ahmed is the current head of operations for Premier Bank which was formally opened in Mogadishu in 2015.
During the annual meeting, the officials discussed deeply the challenges facing the banking Industry.
The participants urged the umbrella to broaden its function on behalf of the industry and to champion financial sector development through strategic projects.
Early this year, Central Bank of Somalia and SBA agreed to streamline efforts to strengthen the inter-banking payment, clearing and settlement systems in Somalia for the first time in decades.
During a meeting in Nairobi, Kenyan capital, the sides discussed on means to establish Public-Private understanding and a common ground regarding the most efficient and effective way of setting-up national payment systems.
The changes made by both sides are expected to open doors to manage International payments in the country from single platform
The few private banks and National banks operating in the country took up conventional banking which guarantee security for transactions.
The SBA brings together several institutions including Dahabshiil, Salaam Bank, Amal Bank, International Bank of Somalia, Premier Bank among others
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