# Who is licensed: Somalia's banks, money transfer firms, microfinance and insurers

> The official lists of licensed banks, money transfer businesses, microfinance firms and Islamic insurers in Somalia, from the Central Bank's registers.

Source page: https://calankii.com/en/economy/licensed-banks-and-money-companies/
Last checked: 2026-11-12
Publisher: Calankii (https://calankii.com)

## The short version

The Central Bank of Somalia licenses and supervises banks, money transfer businesses, microfinance firms and Islamic insurers. It publishes a register for each. Below are the names on those registers on 12 November 2026 ([CBS, licensed banks](https://centralbank.gov.so/licensed-banks/)). The Central Bank's own pages hold the current lists.

## Banks

The [Central Bank's licensed banks register](https://centralbank.gov.so/licensed-banks/) lists 15:

[Agro Bank](/en/businesses/somalias-newer-banks/), Amal Bank (Garowe), Amana Bank, Bulsho Bank, Bushra Bank, [Dahabshiil International Bank](/en/businesses/dahabshil-bank-international/), Daryeel Bank ([Bosaso](/en/regions/bari/)), GIB, IBS Bank, Idman Bank, [My Bank](/en/businesses/mybank-somalia/), Premier Bank, Salaam Bank, Sombank, and Ziraat Katılım, a Turkish bank.

All other banks listed are in Mogadishu. Together, banks held **$2.3 billion** in assets at the end of 2025 ([Central Bank of Somalia, Annual Report 2025](https://centralbank.gov.so/wp-content/uploads/2026/08/Annual-Report_2025.pdf)). See [Banks in Somalia](/en/economy/banks/).

## Money transfer businesses (hawala)

The [licensed money transfer register](https://centralbank.gov.so/licensed-money-transfer/) names 17:

Amal Express, Amana Express, Asal Express, Bakaal Express, Dahabshiil, Fundaza, Hibo (Bosaso), Hodan, [Iftin Express](/en/businesses/iftin-juba-express-and-taaj/), [Jubba](/en/regions/jubba-river/), Naafic, Quick, Rcash (Garowe), Sahan, [Tawakal](/en/businesses/tawakal-express/) Express (Garowe), TAYO and Yiksi.

These firms carry most of the money families abroad send home. See [Hawala and money transfer companies](/en/economy/hawala-and-money-transfer-companies/) and [How to send money to Somalia](/en/economy/how-to-send-money-to-somalia/).

## Mobile money

By December 2025 there were **6 licensed mobile money operators** ([Central Bank of Somalia, Annual Report 2025](https://centralbank.gov.so/wp-content/uploads/2026/08/Annual-Report_2025.pdf)). The first licence went to Hormuud's EVC Plus in February 2021 ([VOA](https://www.voanews.com/a/africa_somalia-issues-first-license-mobile-money-service/6202644.html)). See [Mobile money in Somalia](/en/economy/mobile-money/).

## Microfinance

The [licensed microfinance register](https://centralbank.gov.so/licensed-microfinance-institutions/) lists 24, up from the first 7 licensed on 9 November 2025:

Access MFI, Amana MFI, Asal, Bulaal Finance, Bushra, Dahab MFI, Future Finance House, Haldoor, Himilo (Garowe), Hogaan (Baidoa), Horseed, Idman MFI, Kaafi, [KIMS](/en/businesses/kaah-express-and-kims/) (Hargeisa), Kobciye, Maal, Midnimo, OSOB, RAAS, SICOF (Somali Industrial Cooperative Finance), Somali Microfinance (SOM), Tijaaro, Wadaag Microfinance (Hargeisa) and WE-INVEST (Hargeisa).

These firms lend small amounts but do not take savings. See [Islamic finance, microfinance and Takaful](/en/economy/islamic-finance-microfinance-and-takaful/).

## Takaful (Islamic insurance)

The [licensed Takaful register](https://centralbank.gov.so/licensed-takaful-operators/) lists 8:

Amanah Insurance, Baraka Takaful, [FISO Insurance](/en/businesses/somali-takaful-companies/), Kobciye Insurance, Salmastar Insurance, Takaaful Africa, Tamini Insurance and Wadaag Insurance (Hargeisa).

The first four licences were approved on 24 January 2026 ([Central Bank of Somalia, 27 January 2026](https://centralbank.gov.so/wp-content/uploads/2026/01/Central-Bank-of-Somalia-CBS-Grants-First-Licenses-to.pdf)).

## Telecoms

Phone companies are licensed by a different body, the National Communications Authority, which lists seven mobile operators with spectrum licences ([NCA, licence register](https://mail.nca.gov.so/services/licenses)). See [Telecoms and internet](/en/economy/telecoms/).

## Sources disagree

The Central Bank's [Annual Report 2025](https://centralbank.gov.so/wp-content/uploads/2026/08/Annual-Report_2025.pdf) counts **13 domestic banks, 1 foreign bank branch and 14 money transfer businesses** at December 2025. The online registers checked in November 2026 show 15 banks and 17 money transfer businesses. The registers are newer, but they do not show when each licence was given. The registers show logos rather than written names, so some spellings here are taken from each firm's web address.

[Somaliland](/en/states/somaliland-1991-to-2026/) has its own central bank and licenses its own banks, such as Wadaag Bank ([Tech Africa](https://tech.africa/?p=88129)). Some firms based in Hargeisa also appear on the federal Central Bank's registers. See [Somaliland's economy](/en/economy/somaliland-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.