Central Bank of Yemen Completes Restructuring of Unified Payment Network Company

The Central Bank of Yemen has announced the successful completion of the restructuring process for the Unified Payment Network Company (sh.m.y.), marking a significant step towards modernizing the nation's financial sector. The move includes an increase in the company's capital and the expansion of its shareholder base with the inclusion of operational banks in Yemen.

Ahmed Ghalib, the Governor of the Central Bank of Yemen, inaugurated the extraordinary general assembly of the Unified Payment Network Company in the interim capital, Aden. During the assembly, Ghalib emphasized that the restructuring positions the company as a crucial component of the national payment infrastructure, vital for facilitating financial transactions, enhancing the efficiency of payment and settlement systems, and broadening financial service accessibility to promote financial inclusion and bolster confidence in the banking sector.

The new phase signifies a collaborative effort between the Central Bank and commercial banks to establish a national entity capable of delivering modern, secure payment services compliant with international standards and practices. This initiative aims to support digital transformation and reinforce financial stability within Yemen.

During the general assembly, shareholders unanimously approved measures to increase the company's capital, complete subscriptions, and settle contributions from new shareholders. Amendments to the company's articles of association were also ratified to align with the new capital structure and regulatory requirements set forth by the Central Bank.

Furthermore, a new nine-member board of directors was elected for a three-year term, representing banks, shareholders, and independent members. This election is part of the company's institutional development and strengthens governance and oversight. The board has been authorized to finalize the approval of the amended articles of association with relevant authorities and commence its duties.

The assembly concluded by underscoring the importance of continuing the development of the Unified Payment Network Company as a cornerstone of the national payment system. Efforts will focus on enhancing its capacity to provide secure and efficient digital financial services, thereby improving the efficiency of the financial sector and contributing to financial stability and economic development in Yemen.