The Central Bank of Somalia has issued commercial banking licences to five private Banks in Somalia. The Bank said it welcomed new banks which acquired licences this month. In a Twitter post on Tuesday, the Bank said the number of registered Somali commercial banks are growing fast.
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 of Somalia which has been operational for the past eight years, started to print new currency for the country. Several banks from the continent are seeking to venture into Somalia after, the country called on for potential entrepreneurs wishing to invest in Somalia.
