https://en.radiodalsan.com/wp-content/uploads/2022/07/20220703_194306.jpg Somali Central Bank Board of Directors grants approval licenses to the first two international banks in Somalia
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Somali Central Bank Board of Directors grants approval licenses to the first two international banks in Somalia
Somali News

Somali Central Bank Board of Directors grants approval licenses to the first two international banks in Somalia

Somalia's Central Bank Board of Directors has approved banking licenses of two international Banks to operate in the country.

The banks which are owned by Egypt and Turkey respectively will be the first foreign Banks to operate in the East African Nation. The approval was made in a meeting of the Board of Directors which took place on Saturday July 2. The applications of the two banks have gone through several months of rigorous and extensive process culminating in to the decision by the Board that both banks have met and complied with all bank licensing requirements.. The two international banks, Egypt’s Banque Misr and Turkiye’s Ziraat Katilim will now establish their branches and operate in the country. In a statement Central Bank Governor Abdirahman Mohamed Abdullahi said they are happy to grant approval to the two banks adding that the two banks will augment value Somalia's the development financial sector. "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.” said the Governor  Multiple attempts by the management of the banks to get approval from the previous administration led by former President Mohamed Abdullahi Farmaajo hit a dead end after the government refuses to grant them Tyr licenses to operate with the apprehension that they might create busines competition with the local banks and downgrade them.

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