Mogadishu(Mogadishu24)-President Hassan Sheikh Mohamud has launched the annual conference of the Somali Bankers Association, emphasizing investments, infrastructure growth, and the management of the financial system.

The conference aims to address the factors influencing service quality in the banking sector and its impact on customer satisfaction and loyalty.

During his speech, President Mohamud praised the contributions of traders to the country’s development and urged them to take responsibility by paying taxes, adhering to regulations, and strengthening state institutions.

He stressed that the enforcement of statehood relies on tax compliance, stating, “The government cannot operate without taxation. We commend banks and telecommunication institutions and emphasize that traders must pay their taxes. Hiding from taxes is theft and a crime, and he who does this will be punished.”

The President also spoke about the importance of building trust within the financial sector, noting that the government has prioritized developing key institutions to advance banking operations and uphold regulations.

He acknowledged the international community’s confidence in Somalia’s governance system and urged banks to invest in and support the Somali public while enhancing legal and economic structures.

The President highlighted the government’s introduction of the Value Added Tax (VAT) in August, a decision that has faced pushback from the public and some Federal Parliament members, who have criticized it as illegal.

The two-day Somali Banking and Finance Conference will continue through Monday, September 30, focusing on developing Somalia’s private banking sector and addressing the challenges and opportunities faced in the financial landscape.