CBS Licenses to First 2 Int’l Banks to Operate in Somalia

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MOGADISHU – The central bank of Somalia [CBS] Board of Directors held its ordinary meeting on the 2nd of July 2022. Amongst the topics discussed were licences application from two international banks, Egypt’s Banque Misr and Turkiye’s Ziraat Katilim.

 

The applications of both banks underwent months of extensive process. CBS Board concluded that the two banks have fulfilled all bank licensing requirements of CBS and their applications have been approved. Both banks can now establish and operate branches in
Somalia.

CBS Governor Abdirahman Mohamed Abdullahi stated “after an extensive process, we are happy that the Board has approved the licensing application of Ziraat
Katilim Bank and Banque Misr. They are both solid banks that will add value to the
development of Somalia’s financial sector and contribute to the growth of our
economy.”

Ziraat Katilim Bank and Banque Misr are the first international banks that will
operate in Somalia and it is a testament to the success of the reform of Somalia’s
finance sector, further enhancing opportunities for investment.

CBS remains committed to fostering inclusive economic growth in Somalia and
build a robust, stable and sound financial system

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