The House of the People of the Federal Parliament of Somalia today approved the Digital Transactions Bill, with 137 Members of Parliament voting in favour during a plenary session.
The Bill was developed by the Federal Ministry of Communications and Technology in collaboration with relevant institutions. It seeks to establish a legal framework governing digital transactions, ensuring that Somalia’s regulatory environment keeps pace with technological advancements and the growing demand for digital services.
The Bill’s approval follows its progression through the various stages of parliamentary consideration, including readings, deliberations and presentation before the House of the People, culminating in today’s plenary vote.
Speaking before the House following the approval, the Minister of Communications and Technology, Mohamed Adam Moalim, widely known as Mohamed Soomaali, thanked Members of Parliament for their overwhelming support for the Bill and commended their contribution to its passage.
The Minister also expressed his appreciation to the Parliamentary Committee on Communications and Technology and its technical staff for their role in reviewing, refining and advancing the Bill throughout the legislative process.
Minister Mohamed Soomaali underscored the importance of establishing a legal framework that keeps pace with technological advancements and the evolving global financial services landscape. He also commended the cooperation between Parliament and the relevant institutions, which enabled the Bill to reach this stage of the legislative process.
The approval comes at a time when countries around the world are rapidly embracing modern technologies, particularly electronic payment systems, digital currencies and financial transactions conducted through digital platforms.
As mobile money services are widely used across Somalia, establishing a clear legal framework for digital transactions is an important step towards supporting economic development, strengthening public confidence and creating a regulatory environment that responds to technological change.
Technological advancements have transformed the way societies manage money, conduct business and access financial services. To harness the opportunities presented by this transformation, countries need modern legislation, effective regulatory institutions and robust systems that safeguard citizens’ rights.
The approval of the Digital Transactions Bill therefore marks an important step towards strengthening Somalia’s legal and regulatory framework for the digital economy and supporting the continued development of digital financial services in the country
