The African digital landscape has reported relentless innovation by 70% impact from the capitalist economy while the other fraction has the socialist economy indulgence to procure latent innovation which will also be checked per accomplished commitment by government-related parastatal. Today’s publication discusses a new Role FinTech product called SOMQR that currently thrills the Somalian digital landscape with an instant reaction seamless payment infrastructure.
SOMQR e-payment infrastructure preaches about a cashless policy to adopt TechFin as the Somalian gateway to its digital landscape transformation. The Central Bank of Somalia developed the cashless payment infrastructure altered with a contactless-inclined tool that seamlessly captures payment requests the apex bank branded as the SOMQR standard for Quick Response codes.
The Somalian government campaigned for a cashless policy system via the local apex bank purse that manages the country’s economy by introducing the SOMQR e-payment infrastructure to adequately distribute inclusive finance. While other FinTech-related innovation technology brand a security system dependent on passwords, passkey, and pins to control users’ tokenized assets, the Somalian digital landscape is currently standardized with QR code encrypted.
Recall Techbooky Africa’s previous publication that reported similar technology innovation by the Kenyan government’s standard on QR codes branded as KE-QR serving cohort functions including data analytics solutions. While the Somalian QR code is also a national digital infrastructure that focused its commitment to e-payment solutions to rejuvenate the local money market via the apex bank bid for promoting a cashless policy to alter financial inclusion.
Despite replicating the KE-QR standard to debut the SOMQR instant e-payment solutions, it tends to be optimal for the Somalians to adopt the QR code standard to rehabilitate the crumbled financial sectors via the years-long war impact in the country. The Somalian financial sector crashed far back in 1991 before the inception of the emerging technology that seamlessly further commercial incorporation that has reportedly evolved overtime per Somalia’s absence in the continental race to innovation. The national standard SOMQR QR code e-payment solution is currently active at the moment.