Central Bank Governor: The unified network is a key pillar for developing the national payment system.

Central Bank Governor Highlights Unified Money Network’s Role in Yemen’s Financial Development

ADEN, Yemen – Central Bank Governor Ahmed Ghaleb emphasized the critical role of the Unified Money Network Company in advancing Yemen’s national payment system. During the extraordinary general assembly meeting held on Monday in Aden, he noted that the company serves as a cornerstone for enhancing financial inclusion and supporting digital transformation. These efforts aim to improve the efficiency of financial services and bolster financial stability across the country.

Strategic Developments in the Financial Sector

Governor Ghaleb stated that the company’s new phase follows its restructuring, capital increase, and the expansion of its shareholder base to include operating banks in Yemen. He described these changes as a strategic step toward modernizing the financial sector. This initiative reflects a strong partnership between the Central Bank and the banking sector, aimed at establishing a national institution capable of delivering modern, secure, and reliable payment services in line with international best practices.

Importance of the Unified Money Network

The Central Bank views the Unified Money Network as a vital component of Yemen’s national payment infrastructure. Ghaleb highlighted its significance in facilitating financial transactions, enhancing payment and settlement systems, and expanding financial services. These improvements contribute to achieving financial inclusion, which ultimately supports the national economy and builds trust in the banking sector.

Commitment to Governance and Transparency

The governor reiterated the Central Bank’s commitment to supporting the development of the Unified Money Network. He stressed the importance of governance, transparency, compliance, and risk management to ensure the sustainability of its operations. This commitment will enable the company to keep pace with rapid technological and regulatory changes in the payment and financial services sector.

Key Decisions from the General Assembly

During the meeting, the general assembly reviewed the completed procedures for increasing the company’s capital and finalizing the subscriptions of new shareholders, in accordance with previous assembly decisions and the Central Bank’s approval. The assembly unanimously approved all executed measures and adopted amendments to the company’s bylaws to align with the new capital structure and shareholder composition. These changes also address legal and regulatory requirements set forth by the Central Bank, enhancing governance and the legal and financial integrity of the company.

New Board of Directors Elected

The extraordinary general assembly elected a new Board of Directors for a three-year term. This board consists of nine members representing banks, shareholders, and independent members, in accordance with the new ownership structure and governance requirements established by the Central Bank. The assembly empowered the newly elected board to finalize the approval of the amended bylaws with the Ministry of Industry and Trade and to commence its duties according to the bylaws and applicable regulatory frameworks.

Conclusion: A Vision for Financial Advancement

In closing, the general assembly underscored the importance of continuing to develop the Unified Money Network as a key pillar of Yemen’s national payment system. The assembly aims to enhance the company’s ability to provide secure and efficient digital financial services, aligning with technological advancements. These efforts will improve the efficiency of the financial and banking sectors, strengthen financial stability, and support economic development in Yemen.

The meeting saw the participation of several key figures, including the Deputy Director of Banking Supervision, Mansour Rajeh, the Deputy Minister of Industry and Trade, Rashid Hazeb, and various stakeholders from related sectors, alongside board members and shareholders.

For more information, visit Yemen TV.

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