Besides the outright cash transactions, the payment system in the country is fairly advanced despite the absence of a Central Monetary Authority over the past fifteen years of civil war; thanks to the investments in telecommunications network by the private sector that have enabled operations of private remittance companies to make both local and international monetary transactions possible;

The remittance companies (Hawalas) depend heavily on the telephone services and the remittance and telecommunication services go hand in hand, as transastors call each other when sending and receiving monetary remittances;

As the Central Bank of Somalia assumes its monetary policy responsibilities, some of the remittance companies (Hawalas) are expected to seek for licenses so as to graduate into full fledged commercial banks in the near future and thereby broaden the scope of payments system in the country to include cheques which will reinforce effectiveness of use of monetary policy in the macroeconomic management.

Towards fully assuming its functional and institutional responsibilities, the Bank has completed the reconstruction of its Headquarters in Mogadishu while the branch in Baidoa has been established and is already functioning with personnel in place.