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List of Banks in Somalia

Published by Gbaf News

Posted on June 13, 2012

1 min read

· Last updated: November 16, 2018

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Central Bank of Somalia
Universal Bank of Somalia (UBSOM)
National Bank of Somalia
Al Barakaat Bank, Mogadishu
Somali Commercial Bank
Somali Development Bank
Dalsan Bank
Commercial and Savings Bank of Somalia

Central Bank of Somalia
Universal Bank of Somalia (UBSOM)
National Bank of Somalia
Al Barakaat Bank, Mogadishu
Somali Commercial Bank
Somali Development Bank
Dalsan Bank
Commercial and Savings Bank of Somalia

Key Takeaways

  • Somalia’s banking sector includes both the central monetary authority and multiple commercial banks.
  • Commercial and Savings Bank of Somalia was formed in 1975 via a merger and ceased operations in 1990.
  • Multiple modern licensed commercial banks operate in Somalia as of late 2024.
  • Salaam Somali Bank was the first to resume operations since 1991 and introduced mobile and SWIFT banking.
  • Mogadishu serves as the central hub for Somalia’s banking institutions.

References

Frequently Asked Questions

What is the central bank of Somalia?
The Central Bank of Somalia is the country’s monetary authority, re-established in Mogadishu in 2009 to manage currency, monetary policy, and financial stability.
Which was the first bank to operate in Somalia after 1991?
Salaam Somali Bank, founded in 2009 in Mogadishu, was the first commercial bank to resume operations after the collapse of the previous regime.
What happened to the Commercial and Savings Bank of Somalia?
Formed in 1975 by merging the Somali Commercial Bank and Somali Savings and Credit Bank, it was Somalia’s sole bank until it ceased operations in 1990.
How many licensed commercial banks operate in Somalia?
As of late 2024, there are at least 13 licensed commercial banks operating in Somalia.

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