Five New Banks Get the Nod to Operate in Somalia

The Central Bank of Somalia has given the nod to five new banks to commence operations in Somalia.

In its twitter handle, the CBS said it had issues licenses to the banks this month, a move that is likely to see more activity and competition in the banking industry.

The Bank said it welcomed new banks which acquired licenses this month. In a Twitter post on Tuesday.

The new banks include Daryeel Bank Limited, Somali Bank Limited, My Bank Limited, Agro Africa Bank and Amana Bank.

Somalia which has few operating banks including Somali Central Bank, International Bank of Somalia (IBS), Premier Bank, is slowly gaining the focus of several countries in the continent and other parts of the world.

For the first time in decades, Premier Bank had partnered with MasterCard and SWIFT companies thereby introducing, the country’s first automated teller machines (ATM) back in 2015.

The Central Bank is currently in the process of priniting new currency, to replace the old ones which were prone to counterfeit.

Several banks from the continent are seeking to venture into Somalia after,  the country called on for potential entrepreneurs wishing to invest in Somalia.