# International Bank of Somalia (IBS Bank): founding, share sale and branches

> IBS Bank in facts: incorporation in 2013, the 2014 opening, the 2015 public share offer, branches in Mogadishu, Garowe, Kismayo, Bosaso, Baidoa and Hargeisa, cards and awards.

Source page: https://calankii.com/en/businesses/international-bank-of-somalia/
Last checked: 2026-11-12
Publisher: Calankii (https://calankii.com)

## The short version

The International Bank of Somalia, known as **IBS Bank**, was incorporated in **July 2013** and began operating in Mogadishu on **11 October 2014** ([Wikipedia, International Bank of Somalia](https://en.wikipedia.org/wiki/International_Bank_of_Somalia)). Bloomberg reported it as the first Somali lender able to handle foreign transactions ([Bloomberg, 13 October 2014](https://www.bloomberg.com/news/2014-10-13/somali-bank-becomes-first-lender-to-handle-foreign-transactions.html)). President [Hassan Sheikh Mohamud](/en/people/hassan-sheikh-mohamud/), ministers and business people attended the opening ([Goobjoog, 13 October 2014](http://goobjoog.com/english/?p=4804)). The bank is on the Central Bank of Somalia's register of licensed banks ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)).

## Owners and the 2015 share sale

- The bank was founded by Somali entrepreneurs based mainly in **Dubai** ([Wikipedia, International Bank of Somalia](https://en.wikipedia.org/wiki/International_Bank_of_Somalia)).
- In March 2015 it launched a **$10 million** public share offer, in blocks of $500 to $500,000. The offer was 10 percent of the bank's capital, and the founders held a further 31 percent ([Capital Markets in Africa, March 2015](https://www.capitalmarketsinafrica.com/bank-seeks-to-raise-10-mln-via-share-sale-in-war-torn-somalia/); [Wikipedia](https://en.wikipedia.org/wiki/International_Bank_of_Somalia)).
- At that time it was one of six local banks with commercial licences from the Central Bank (same source).
- In 2019 Mahat [Mohammed Ahmed](/en/people/mohammed-ahmed/) became chief executive ([Somalia Investor, 30 January 2019](https://somaliainvestor.so/mahat-mohammed-ahmed-the-fresh-pair-of-hands-at-the-helm-of-international-bank-of-somalia-ibs/)).

## Services

IBS offers personal, business, wholesale and investment banking, as well as takaful (Islamic insurance). Its products include trade finance, home finance, deposits and project funds ([Asoko Insight, 2015](http://asokoinsight.com/news/international-bank-somalia-opens-mogadishu/)). It began issuing **Mastercard** cards in July 2019 ([Goobjoog, 8 July 2019](https://goobjoog.com/english/ibs-launch-mastercard-in-somalia/)) and announced a partnership with **Visa** in May 2020 ([Africa Business Communities, 19 May 2020](https://web.archive.org/web/20200801194212/https://africabusinesscommunities.com/tech/tech-news/visa-collaborates-with-ibs-bank-somalia-to-drive-payments-inclusion/)).

## Branches

- The bank lists **seven branches** in Mogadishu and branches in **Garowe, Kismayo, [Bosaso](/en/regions/bari/) and Baidoa** ([IBS Bank, Find us, 2020](https://ibsbank.so/find-us/)).
- **Hargeisa:** [Somaliland](/en/states/somaliland-1991-to-2026/)'s vice president formally opened IBS Bank's Hargeisa branch in June 2023. By then the bank had been working in Somaliland for almost a year ([Somaliland Standard, 15 June 2023](https://somalilandstandard.com/sl-vice-president-launches-ibs-bank-branch-in-hargeisa)).

## Standing

African Business named IBS among the largest of Somalia's 13 licensed banks in 2025 ([African Business, August 2025](https://african.business/2025/08/african-banker/reforming-somalias-banking-sector-amid-crisis-and-opportunity)). It won Bank of the Year at the Somali Annual Business Awards in 2016 and 2017 ([Somalia Investor, 19 February 2018](https://somaliainvestor.so/international-bank-of-somalia-ibs-clinches-company-of-the-year-crown/)).

For all banks, see [Banks in Somalia](/en/economy/banks/) and [Somalia's main banks](/en/economy/somalias-main-banks/). For another bank of the same period, see [Premier Bank](/en/businesses/premier-bank/).

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