Five new banks have been licensed to operate in Somalia, the Central Bank has said adding to ten the number of banks in south-central Somalia.
The Central Bank said Tuesday it had cleared five applicants to operate commercial banks in the country.
“The number of registered Somali commercial banks are growing fast. 5 new banks are joining the existing 5 privately owned banks.”
The banks are Daryeel Bank SomBank, MyBank Limited, Agro Africa Bank and Amana Bank.
According to the Central Bank, there are also 12 licensed money transfer companies commonly known as Hawalas operating in the country.
Among other requirements, locally incorporated banks must have an initial capital of not less than $5 million to be licensed. In addition, the bank must maintain a minimum capital base of not less than $5 million.