Central Bank of Somalia Licenses 15 Banks, Strengthens Financial Oversight

GOOBJOOG NEWS | MOGADISHU: The Central Bank of Somalia has reaffirmed its commitment to strengthening the country’s financial architecture through robust licensing and supervision of institutions that form the backbone of Somalia’s financial services sector.

To date, the Central Bank has licensed 15 commercial banks, including 14 local banks and one international institution, all of which have successfully met and completed the Bank’s regulatory and compliance requirements.

The milestone reflects ongoing efforts to formalize and regulate Somalia’s banking industry, ensuring greater transparency, accountability, and financial stability.

Financial experts emphasize that building a strong financial foundation is essential for achieving long-term economic growth and resilience.

The Central Bank reiterated its dedication to fostering a financial system that is stable, inclusive, and capable of supporting sustainable national development.