IMF urges Somalia to fast-track registration of mobile money operators

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    amina_samajecel @ 9/24/2020 4:18 PM EST
 It is a valid point, however, it also
needs auditing of the money transfer
companies involved in the Mobile Money.
Somalia economy collapsed with the bankruptcy
of the Commercial and Savings Bank of Somalia.
The bank was a government financial institution
and the only commercial bank in the whole country
after the military regime nationalised the education,
the Commercial and the Financial sector. In my opinion,
it collapsed due to corruption and lack of audit reports
from reputable international audit firms which was discontinued
in 1982.

Corruption is not only embezzlement of funds, but also
recruitment based on nepotism. Unqualified people
were appointed for the bank high ranking positions based on
their clan affiliation and that was one of the reasons
the bank collapsed.


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