Taipei (Hornpost) The Central Bank of Somaliland Becomes a Member of an International Organization and Commits to Strengthening Financial and Economic Cooperation with Taiwan and the Global Community
Somaliland has taken a historic step to strengthen its financial system, as the Central Bank of Somaliland has been officially admitted as a member of the International Association of Deposit Insurers (IADI).
This decision was announced during the IADI Executive Council Meeting held in Taipei on September 11, 2025, which coincided with the International IADI Principles Workshop and the 40th Anniversary Celebration of Taiwan’s Central Deposit Insurance Corporation (CDIC).
The Governor of the Central Bank of Somaliland, Mr. Abdi Nasir Ahmed Hirsi, who led the Somaliland delegation, stated that Somaliland’s membership in IADI is clear evidence of the country’s commitment to building a transparent, resilient, and internationally compliant financial system.
“Being accepted as a member of IADI is a recognition by the international community that Somaliland can play a significant role in the global financial system. This partnership opens new international doors for Somaliland’s broader cause — especially its financial sector — by integrating it further with the global economy,” said Governor Abdi Nasir.
What is IADI? (International Association of Deposit Insurers)
The International Association of Deposit Insurers (IADI) was established in 2002 and is headquartered at the Bank for International Settlements (BIS) in Basel, Switzerland.
IADI sets international standards for deposit insurance systems and promotes financial stability. It currently includes over 100 member institutions worldwide, including central banks, deposit insurance agencies, and financial regulatory authorities.
IADI’s mission is to promote effective deposit insurance systems and enhance cooperation among its members. It also supports global financial stability through technical assistance, training, and policy development.
By joining IADI, the Central Bank of Somaliland gains access to capacity-building opportunities such as training, knowledge-sharing, technical, and financial assistance, especially as it leads the establishment of Somaliland’s National Deposit Protection Fund.
Strengthening Somaliland–Taiwan Financial Relations
In addition to its involvement with IADI, the Somaliland delegation, led by Governor Abdi Nasir, is also scheduled to meet with key institutions during their stay in Taipei, including:
The Central Bank of Taiwan
The Financial Supervisory Commission (FSC)
The Central Deposit Insurance Corporation (CDIC Taiwan)
The Ministry of Foreign Affairs of Taiwan
These discussions will focus on building the institutional capacity of Somaliland’s financial sector, enhancing financial technology infrastructure and payment systems, improving regulatory and oversight frameworks, and integrating Somaliland into international financial systems.
Somaliland’s Long-Term Strategic Vision
Strategically located along the Gulf of Aden near the Bab al-Mandab Strait, through which over 20% of global trade passes annually, Somaliland is positioning itself as a commercial and logistical hub for the Horn of Africa.
Major projects such as the Berbera Port Expansion, Berbera Free Trade Zone, and the Berbera–Ethiopia Corridor will further bolster this role.
Governor Abdi Nasir emphasized that a robust, transparent, and well-regulated financial system is essential to attract investment and ensure sustainable economic growth.
A Message of Partnership
Governor Abdi Nasir also recalled his past role in initiating ties between Somaliland and Taiwan:
“It is a great honor for me to have played a key role in establishing the Somaliland–Taiwan relationship back in 2019, when I served as the Director General of the Ministry of Foreign Affairs. Today, I am pleased to take this partnership to a new level — this time through financial cooperation, linking our central banks and financial institutions.”
“Our collaboration is a global message — two democratic nations, though not fully recognized internationally, are independently building a confident and mutually beneficial partnership,” he concluded.
Hornpost staff reporter
