First Foreign Bank Opens in Somalia

On Sunday 29 October 2023, the Central Bank of Somalia announced the approval and opening of the Ziraat Katilim Bank of Turkiye in the Somalian capital, Mogadishu. The Ziraat Katilim Bank becomes the first foreign bank to set up shop in Somalia during the last fifty years.

The Central Bank of Somalia added it has recently granted licenses to two foreign banks: Ziraat Katilim Bank of Turkiye and Banque Misr of Egypt. The new branch is expected to boost economic exchanges between Somalia and Turkiye by offering financial instruments to facilitate trade and investment.

“We are happy to see the operationalization of the Ziraat Katilim branch in Mogadishu. This is a testament to the success of the reforms of Somalia’s financial sector, further enhancing opportunities for investment and development,” CBS Governor Abdirahman Mohamed Abdullahi said.

CBS Governor Abdirahman Abdullahi

Ziraat Katilim Bank is a state-owned enterprise of the Government of Turkiye and is part of the Ziraat Finance Group, which operates in 20 countries with 27 branches and 15 subsidiaries.

In a statement, Governor Abdullahi stated that he looks forward to the new bank contributing to the ‘development of the financial sector and the growth of the economy’ in Somalia.