Despite structural challenges and the COVID-19 pandemic, Somalia’s economy has shown a measure of resilience, attributable to increased private sector activities, particularly in the transport, telecommunications, remittances, export and business services sectors. The latest World Bank Somalia Economic Update projects gross domestic product (GDP) growth to reach pre-COVID-19 levels of 3.2% in 2023 and 3.7% in 2024, thanks largely to improved remittances and aid inflows.
Agriculture is the most important sector, with livestock supporting increased economic activity, typically accounting for more than 50% of export revenue and roughly 40% of GDP. Farming is still a key economic activity, with dried lemon becoming the second-largest crop exported after sesame in the wake of the complete collapse of banana exports. Despite having abundant fish reserves, coastal fishing in Somalia has remained small-scale and artisanal, whereas offshore fishing has been profitable for foreign commercial vessels both legally and illegally. In the last few decades, improvements in Somalia’s ICT and technology environment have increased opportunities in the country’s digital economy. This owes to rapid digitization across the public and private sector spheres.
This high-level forum tackles Somalia’s domestic economic production landscape and will provide delegates with an understanding of the sector’s overall key opportunities—and existing and emerging challenges—with a focus on the use of technologies in the production process. The forum aims to promote sustainable local production and to reduce dependence on imports by boosting Somali exports of quality agriculture and fish, increasing dairy production, and increasing jobs in these key areas.
Agenda
Conference Agenda
8:30 – 9:00 AM
Protocol Team
Registration and Reception
The process of signing up participants and welcoming them to the conference, ensuring a smooth and organized entry experience.
9:00 – 9:05 AM
Zakariya Abdurahman & Naima Abdurahman
Event MCs
Event Introduction & Housekeeping Rules
An overview of the event’s agenda and important guidelines to ensure a smooth and organized experience for all attendees.
9:05 – 9:10 AM
Zakariya Mohamed
Qaari qur’aan
Opening with Quran Recitation
Beginning the conference by reciting verses from the Quran.
9:10 – 9:20 AM
Sheikh Abdi Hayyi
Somali ScholarÂ
The Words of the Sheikh
Insights and wisdom shared by the Sheikh, offering guidance and knowledge to the audience.
9:20 – 9:30 AM
Ahmed Mohamud Yusuf
CEO, Hormuud Telecom
Welcoming Remarks
A cordial speech by the CEO of Hormuud Telecom, expressing gratitude and setting the strategic direction for the event.
9:30 – 9:40 AM
Documentry I
Video
The Evolution of The Fintech Sector in Somalia
The Documentary explores the growth, & transformative impact of financial technology on Somalia’s economy & financial services.
9:40 – 9:50 AM
Mahmoud Abdikarin
Chairman of the Somali Chamber of Commerce & Industry
Honorary Speech
A speech emphasizing the significance of the fintech sector in Somalia.
9:50 – 10:00 AM
MP. Mohamed Adam Mo'alim
Minister of communication and technology
Opening Remarks
Opening Remarks by the Minister of Communication and Technology
10:00 – 10:20 AM
Abdisalan Warsame
Head of Research, the 7 Institute
Paper Presentation I
The Status of The Fintech Industry In Somalia
10:20 – 11:20 AM
Panel Discussion I
Legal and regulatory challenges of Fintech in Somalia
11:20 – 12:20 PM
A random selection of winners
Lucky Draw and Rewards
A Game that offers participants the chance to win exciting prizes through a random draw.
12:20 – 1:20 PM
Midday Break
Prayer, Lunch, Exhibition Visits
A pause for prayer and lunch, followed by exploring the event’s exhibitions.
1:20 – 1:40 PM
Dr. Shafie Sharif Mohamed
Director, SRA
Paper Presentation II
Economic Impact of Fintech Innovation in Somalia
1:40 – 2:40 PM
Panel Discussion II
Role of Fintech in Somalia’s Economic Development
2:20 – 2:35 AM
Dr. Abdullahi Bihi
Director, SPS
Keynote I
Director of Somali Payment Switch (SPS)
2:35 – 2:45 PM
Documentary II
Video Documentary
Role of Hormuud's Fintech
The Role of Hormuud Telecom in the Development of Somalia’s Fintech Sector
2:45 – 3:10 PM
Partnership Signing & Announcements
Announcements and formal agreements among organizations in the fintech sector, aimed at fostering collaboration and driving industry progress.
3:10 – 3:30 PM
Awards
Recognition and Awarding of the Somali Fintech Firms and Startups
3:30 – 3:35 PM
Hassan Dahir
Event Director
Communiqué
A summary of the key discussions, outcomes, and recommendations of the conference.
3:35 – 3:50 PM
Hamza Abdi Barre
Prime Minister of Somalia
Closing Remarks
A closing speech by Somalia’s Prime Minister, on the Somali Fintech sector challenges and growth opportunities.Â
Event
Sponsor
Event
Organiser
