MOGADISHU — The Central Bank of Somalia (CBS) is actively enhancing the nation’s financial infrastructure by rigorously licensing and overseeing the institutions that constitute the core of Somalia’s rapidly growing financial services sector.
Expanding the Banking Sector
To date, the Central Bank has officially authorized 15 commercial banks to operate within the country. This growing roster comprises 14 domestic institutions and one foreign bank, all of which have successfully met the CBS’s stringent compliance and licensing requirements.
This steady expansion follows a series of recent regulatory milestones aimed at modernizing the economy, including the relicensing of several major commercial banks and the introduction of new operational standards, such as mandatory National ID verification for new bank accounts.
Building a Resilient Financial Ecosystem
A robust financial base is essential for attaining a sustainable economic outlook, particularly as the nation transitions into a post-debt relief framework. Beyond traditional commercial banking, the CBS has recently broadened the financial ecosystem by issuing the country’s first-ever microfinance licenses and establishing a formal regulatory framework for Takaful (Islamic Insurance) operators.
Through these continuous structural reforms, the Central Bank remains dedicated to establishing a financial system that is stable, inclusive, and resilient enough to support long-term national development and foreign investment.
