EXPRESSION OF INTEREST (EOI) FOR PROVISION OF EXTERNAL AUDIT SERVICES

EOI Reference No.: SPS/EOI/001/2025
Date of Issue: 18th October 2025

Somali Payment Switch (SPS) is a private company incorporated in March 2022 with a focus on providing a centralized platform for payment processing in Somalia. The company is jointly owned by the Central Bank of Somalia (CBS) and commercial banks in the country. SPS was established to facilitate secure, efficient, and seamless digital payments across Somalia.

Somali Payment Switch hereby invites qualified and experienced audit firms to submit an Expression of Interest (EOI) for the provision of External Audit Services.

This will be the first statutory audit since the organization’s incorporation in 2022, and will require auditing of financial statements for the three-year period ending 31st December 2024.

Scope of Work

The selected firm will be required to:

1. Audit the organization’s financial statements for the periods ending 31st December 2022, 2023, and 2024.
2. Ensure compliance with International Financial Reporting Standards (IFRS) and other relevant national standards.
3. Evaluate internal controls and financial management practices.
4. Provide an independent audit opinion on the financial statements.
5. Issue a comprehensive audit report and management letter, with findings and recommendations.
6. Present the audit findings to the Board and  Audit Committee.

Eligibility Criteria

Interested firms must meet the following minimum requirements:

1. Be duly registered and authorized to offer external audit services
2. Have a minimum of five (5) years’ experience providing audit services to organizations of similar size and complexity.
3. Demonstrate capacity to undertake multi-year audits including audits of newly incorporated entities.
4. Possess a team of qualified professionals (e.g., CPA, ACCA).
5. Be in good standing with a recognized professional regulatory body.
6. Provide references from at least three (3) recent and relevant audit clients.

Required Documents:

Firms should submit an EOI containing the following:

1. Company profile including clear organizational structure
2. Certificate of registration/incorporation and practicing license
3. Tax compliance certificate
4. Evidence of relevant experience, including client references
5. CVs and professional credentials(Certifications) of proposed engagement team

Submission Details:

• Deadline for Submission: 31st October 2025
• Mode of Submission: Via email-Please submit the required documents to [email protected]