Somalia

Somalia

Licencing of first two foreign banks since 1970

03 Jul 2022

On 3 July 2022, the Central Bank of Somalia (CBS) has licensed the first two foreign lenders since 1970. The CBS governor said that Banque Misr (Egypt) and Ziraat Katilim (Turkey) can now operate in the country after the board endorsed their applications. The CBS board concluded that the two banks have fulfilled all bank licensing requirements of the CBS, and their applications have been approved.