Somalia's newer banks: Agro, Amana, Bushra, Bulsho, Daryeel, Galaxy, Idman, SomBank and Ziraat

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). By late 2024 the Central Bank listed 13 commercial banks (Wikipedia, List of banks in Somalia). In November 2026 its register showed 15, including one foreign bank (Central Bank of Somalia, licensed banks). The older and larger banks have their own pages: Salaam Somali Bank, Premier Bank, International Bank of Somalia, Dahabshil Bank International, MyBank and Amal Bank.

The banks, one by one

Agro Africa Bank (Agro Bank). Licensed in 2019 (Goobjoog, 2019). Its head office is on Wadnaha Road in Howlwadaag, Mogadishu (Somali Investment Promotion Office, banking sector). In October 2024 Hormuud linked its EVC Plus mobile money service to Agro Bank and MyBank accounts (TechAfrica News, 21 October 2024).

Amana Bank. Licensed in 2019 (Goobjoog, 2019). In 2020 it chose Path Solutions' iMAL Islamic banking software to replace its old system (IBS Intelligence, 2020). A 2020 UNIDO report on Somalia's financial sector lists it among the newly opened banks in Mogadishu (UNIDO and Ministry of Commerce, 2020).

Bushra Business Bank. On the Central Bank's list of commercial banks (Wikipedia, List of banks in Somalia). Its office is at KM4, Makka al-Mukarama Street, Hodan district, Mogadishu (Somali Investment Promotion Office).

Bulsho Development Bank. Listed as Bulsho Bank on the Central Bank register in November 2026 (Central Bank of Somalia, 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).

Daryeel Bank. Licensed in 2019 (Goobjoog, 2019). The Central Bank register gives its address in Bosaso (Central Bank of Somalia, licensed banks).

Galaxy International Bank (GIB). On the Central Bank's list of commercial banks (Wikipedia, 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).

Idman Community Bank. On the Central Bank's list of commercial banks (Wikipedia, 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).

SomBank (Somali Bank Limited). Licensed in 2019 (Goobjoog, 2019). It is still on the Central Bank's register (Central Bank of Somalia, 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; Goobjoog).
• 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; allAfrica, 31 October 2023).
• Banque Misr does not appear on the Central Bank's November 2026 register (Central Bank of Somalia, licensed banks).

For the overall picture, see Banks in Somalia, Who is licensed and Foreign companies in Somalia.