# MyBank (Somalia): digital bank licensed in 2019

> MyBank in facts: founding in 2018, the 2019 licence, its core banking system, the Mastercard debit card, links with EVC Plus and Waafi, and the IskuFilan gold-backed loans for women.

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

## The short version

MyBank is a commercial bank in Mogadishu. It was **established in 2018** and is licensed by the Central Bank of Somalia ([Dawan Africa, 10 September 2026](https://www.dawan.africa/news/mybank-launches-gold-backed-loans-for-somali-women)). It appears as My Bank on the Central Bank's register of licensed banks ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)).

## The 2019 licence

MyBank was one of **five banks** the Central Bank cleared in 2019, which brought the number of commercial banks in south and central Somalia to ten. The others were [Daryeel Bank](/en/businesses/somalias-newer-banks/), SomBank, Agro Africa Bank and Amana Bank ([Goobjoog, 2019](https://en.goobjoog.com/central-bank-licenses-five-more-banks)). The Central Bank then required a locally incorporated bank to have at least **$5 million** of starting capital and to keep at least that much (same source).

## Systems and cards

- In March 2020 the Kuwaiti software firm Path Solutions announced that MyBank would use its iMAL Islamic core banking system ([Payment Expert, 23 March 2020](https://paymentexpert.com/2020/03/23/path-solutions-links-with-mybank-in-somalia/); [Finextra](https://finextra.com/pressarticle/81889/path-solutions-signs-somalias-mybank-to-imal-core)).
- In November 2021 MyBank, Mastercard and Network International launched a **Mastercard debit card**. It works at shop terminals and cash machines and, for the first time for MyBank, for online shopping. Network International gives the bank its link to the Mastercard network ([Mastercard newsroom, November 2021](https://newsroom.mastercard.com/news/eemea/en/newsroom/press-releases/en/2021/november/mybank-mastercard-and-network-international-elevate-ecommerce-in-somalia-with-new-debit-card-launch)).

## Links to mobile money

- In October 2024 Hormuud announced that its **EVC Plus** mobile money service could now move money to and from accounts at MyBank and Agro Bank, and that it planned to add more banks in 2025 ([TechAfrica News, 21 October 2024](https://techafricanews.com/2024/10/21/hormuud-partners-with-mybank-and-agrobank-to-enhance-digital-banking/); [Developing Telecoms](https://developingtelecoms.com/telecom-technology/financial-services/17487-hormuud-bolsters-mobile-money-platform-with-bank-partnerships.html)).
- After an agreement signed in October 2024, MyBank customers can check balances and pay bills through the [Waafi](/en/businesses/waafi/) app. [Dawan](/en/society/somaliland-newspapers/) Africa reported Waafi as having more than two million active users ([Dawan Africa](https://dawan.africa/news/mybank-breaks-new-ground-with-waafis-2m-users)).

## IskuFilan: gold-backed loans for women

On **10 September 2026** MyBank launched **IskuFilan**, a financing service that lets women use gold as security instead of the personal guarantors banks usually ask for. Deputy Prime Minister Salah Ahmed Jama launched the service ([Dawan Africa, 10 September 2026](https://www.dawan.africa/news/mybank-launches-gold-backed-loans-for-somali-women)). The bank's chief executive estimated that about 1 million Somali women hold gold. He said that at an average of 20 grams each this would be worth about **$3 billion**, more than the combined assets of Somalia's banks (same source). The chair of the Banadir Region Women Organization noted that gold has long been a store of savings for Somali women (same source).

For all banks, see [Banks in Somalia](/en/economy/banks/) and [Somalia's main banks](/en/economy/somalias-main-banks/). For women's role in business, see [Women in the economy](/en/economy/women-in-the-economy/).

---
I want to help with this: email hello@calankii.com. Fix this page: email hello@calankii.com with the page link and your source.