# Somalia's newer banks: Agro, Amana, Bushra, Bulsho, Daryeel, Galaxy, Idman, SomBank and Ziraat > The banks licensed in Somalia since 2019, one by one: when they were licensed, where they are based and what they are known for, including the first foreign banks. Source page: https://calankii.com/en/businesses/somalias-newer-banks/ Last checked: 2026-11-12 Publisher: Calankii (https://calankii.com) ## The short version In 2019 Somalia had five privately owned banks in the south and centre. That year the Central Bank cleared **five more**: MyBank, Daryeel Bank, SomBank, Agro Africa Bank and Amana Bank. Each locally incorporated bank had to bring at least **$5 million** of capital and keep at least that much ([Goobjoog, 2019](https://en.goobjoog.com/central-bank-licenses-five-more-banks)). By late 2024 the Central Bank listed 13 commercial banks ([Wikipedia, List of banks in Somalia](https://en.wikipedia.org/wiki/List_of_banks_in_Somalia)). In November 2026 its register showed 15, including one foreign bank ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)). The older and larger banks have their own pages: [Salaam Somali Bank](/en/businesses/salaam-somali-bank/), [Premier Bank](/en/businesses/premier-bank/), [International Bank of Somalia](/en/businesses/international-bank-of-somalia/), [Dahabshil Bank International](/en/businesses/dahabshil-bank-international/), [MyBank](/en/businesses/mybank-somalia/) and [Amal Bank](/en/businesses/amal-group/). ## The banks, one by one **Agro Africa Bank (Agro Bank).** Licensed in 2019 ([Goobjoog, 2019](https://en.goobjoog.com/central-bank-licenses-five-more-banks)). Its head office is on Wadnaha Road in Howlwadaag, Mogadishu ([Somali Investment Promotion Office, banking sector](https://sominvest.gov.so/key-sectors/banking-finance/)). In October 2024 Hormuud linked its EVC Plus mobile money service to Agro Bank and MyBank accounts ([TechAfrica News, 21 October 2024](https://techafricanews.com/2024/10/21/hormuud-partners-with-mybank-and-agrobank-to-enhance-digital-banking/)). **Amana Bank.** Licensed in 2019 ([Goobjoog, 2019](https://en.goobjoog.com/central-bank-licenses-five-more-banks)). In 2020 it chose Path Solutions' iMAL Islamic banking software to replace its old system ([IBS Intelligence, 2020](https://ibsintelligence.com/ibsi-news/amana-bank-selects-path-solutions-as-preferred-technology-partner)). A 2020 UNIDO report on Somalia's financial sector lists it among the newly opened banks in Mogadishu ([UNIDO and Ministry of Commerce, 2020](https://downloads.unido.org/ot/21/18/21185699/1_UNIDO_MoCI%20Report%20Financial%20Sector_final.pdf)). **Bushra Business Bank.** On the Central Bank's list of commercial banks ([Wikipedia, List of banks in Somalia](https://en.wikipedia.org/wiki/List_of_banks_in_Somalia)). Its office is at KM4, Makka al-Mukarama Street, Hodan district, Mogadishu ([Somali Investment Promotion Office](https://sominvest.gov.so/key-sectors/banking-finance/)). **Bulsho Development Bank.** Listed as Bulsho Bank on the Central Bank register in November 2026 ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)). On 20 October 2026 it launched an Islamic financing service for traders, farmers, livestock owners and young innovators, which also covers housing and small businesses ([Dawan Africa, 20 October 2026](https://www.dawan.africa/news/bulsho-development-bank-launches-financing-service-for-traders-and-farmers)). **Daryeel Bank.** Licensed in 2019 ([Goobjoog, 2019](https://en.goobjoog.com/central-bank-licenses-five-more-banks)). The Central Bank register gives its address in [Bosaso](/en/regions/bari/) ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)). **Galaxy International Bank (GIB).** On the Central Bank's list of commercial banks ([Wikipedia, List of banks in Somalia](https://en.wikipedia.org/wiki/List_of_banks_in_Somalia)). Its SWIFT code is GLXYSOSM, and its listed address is the ABC Building on Airport Road, Mogadishu ([Wise, SWIFT code GLXYSOSMXXX](https://wise.com/gb/swift-codes/GLXYSOSMXXX)). **Idman Community Bank.** On the Central Bank's list of commercial banks ([Wikipedia, List of banks in Somalia](https://en.wikipedia.org/wiki/List_of_banks_in_Somalia)). In October 2026 it finished a three-month course in money management for 30 women business owners it had lent to ([Dawan Africa, 25 October 2026](https://www.dawan.africa/news/idman-bank-concludes-three-month-financial-training-for-30-somali-women-entrepreneurs)). **SomBank (Somali Bank Limited).** Licensed in 2019 ([Goobjoog, 2019](https://en.goobjoog.com/central-bank-licenses-five-more-banks)). It is still on the Central Bank's register ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)). ## The first foreign banks - On **2 July 2022** the Central Bank's board approved licences for **Ziraat Katilim** of Turkey and **Banque Misr** of Egypt to open branches ([Daily Sabah, July 2022](https://www.dailysabah.com/business/finance/turkish-participation-bank-gets-green-light-to-operate-in-somalia); [Goobjoog](https://en.goobjoog.com/somalia-licenses-egyptian-turkish-banks)). - Ziraat Katilim, a state-owned Turkish Islamic bank and part of the Ziraat finance group, opened its first Mogadishu branch in **October 2023**. The Central Bank governor called it the first international bank to operate in Somalia in more than five decades ([Goobjoog](https://en.goobjoog.com/turkish-bank-ziraat-katilim-formally-launches-in-somalia-cbs-calls-it-historic-moment); [allAfrica, 31 October 2023](https://allafrica.com/stories/202310310110.html)). - Banque Misr does not appear on the Central Bank's November 2026 register ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)). For the overall picture, see [Banks in Somalia](/en/economy/banks/), [Who is licensed](/en/economy/licensed-banks-and-money-companies/) and [Foreign companies in Somalia](/en/economy/foreign-companies-in-somalia/). --- I want to help with this: email hello@calankii.com. Fix this page: email hello@calankii.com with the page link and your source.