Financial Crime World

SOMALIA: COMPLIANCE TRAINING FOR NON-FINANCIAL PROFESSIONALS LAUNCHED

In a significant step towards capacity building in Somalia, six universities have successfully completed a compliance training program for non-financial professionals. This initiative was designed to enhance financial management skills among university lecturers and administrators, with the support of international partners.

Program Overview

The course was delivered through face-to-face lectures and web-based open distance learning (ODL), aiming to equip participants with the necessary knowledge and skills to effectively manage financial transactions, maintain financial records, and make informed decisions. The program consisted of five units:

  • Recording financial transactions
  • Information for management control
  • Maintaining financial records
  • Accounting for costs
  • Public financial management

Participants and Training

The course was attended by 196 students from six participating universities in Somalia:

  • Puntland State University
  • East Africa University
  • University of Hargeisa
  • Amoud University
  • Somali Institute of Management and Administration Development (SIMAD)
  • Mogadishu University

Participants were drawn from various disciplines, including business administration, economics, accounting, and management. A team of tutors was trained to deliver the course, with some receiving certification in financial planning.

Course Structure

The course was designed to be flexible, with two groups studying different units at varying intervals:

  • Group 1 studied Units 1 and 2 over a period of 10 weeks
  • Group 2 covered Units 3-5 over 24 weeks

All participants were required to pass all five units to receive certification. Assessment was conducted through final examinations set by the University of Fort Hare, with students having one re-sit opportunity per unit.

Results and Lessons Learned

The program has yielded impressive results:

  • 135 students successfully completed all five units and received certification
  • The initiative has enhanced financial management skills among university staff and promoted good governance and accountability in public financial institutions

Lessons learned from the operation of the course include:

  • The need for training of trainers, particularly in situations where security concerns are a major issue
  • The value of online resources, including video lectures, but the need to address internet access issues
  • Limited library facilities at universities highlight the need for making reference materials available online

Conclusion

The successful implementation of this program is a testament to the commitment of Somalia’s education sector in promoting financial literacy and good governance among its professionals. As the country continues to rebuild and develop its institutions, such initiatives will play a crucial role in shaping a brighter future for Somalis.