The Central Bank of Somalia (CBS) unveiled a Unified National Quick Response Code standard. The QR code standard will be known as the Somali Quick Response Code (SOMQR).
SOMQR is the standard that will guide how payment service providers regulated by CBS will issue Quick Response Codes (QR) to merchants and consumers in the country.
This is a step in digitising payment in the East African country. CBS launched the standardized QR code to bring interoperability. As as result, CBS has partnered with thirteen commercial banks in Somalia.
SOMQR follows the internationally recognized EMVCO standards. EMVCo is a global technical body that collaborates with industry stakeholders to design payment products that will work seamlessly and securely worldwide.
The national QR code standard will facilitate swift interbank transfers. This is part of the Central Bank of Somalia’s commitment to transform the country into a cashless society. Currently, customers from thirteen banks and three mobile telcos will have the ability to use their existing mobile apps to exchange funds.
Somalia’s National QR Code Follows Kenya Footsteps
SOMQR offers person-to-person payments and transfers. Additionally, it will enable government service transactions. This includes the collection of taxes and fees.
In May, CBK launched the Kenya Quick Response(QR) Code Standard 2023. This is a significant milestone for the two neighbouring countries. In both countries the national QR codes will serve as secure and efficient financial infrastructures.
Consequently, implementation of SOMQR is expected to spur economic growth.