Somalia grants first post-war banking licenses to Egypt’s Banque Misr, Turkey’s Ziraat Katılım

By Abdulkadir Fooday 
Posted on Tuesday, 26 July 2022 17:40

A rickshaw taxi drives past the Salaam Somali Bank in Wadajir district of Mogadishu, Somalia October 14, 2020. REUTES/Feisal Omar

Somalia’s central bank has granted its first foreign banking licenses in decades as the country seeks to rebuild its financial sector and attract international investment.

Ziraat Katılım of Turkey and Banque Misr of Egypt, which are both state-owned, were approved by the Central Bank of Somalia (CBS) at the start of July. The decision follows the election of President Hassan Sheikh Mohamud in May.

Central Bank governor Abdirahman Abdullahi said the new entrants are “solid banks that will add value to the development of Somalia’s financial sector and contribute to the growth of our economy”. He added that their entry will enable local banks to gain experience of international banking standards.