Banks, finance and the budget
Who is licensed: Somalia's banks, money transfer firms, microfinance and insurers
The Central Bank of Somalia publishes lists of the firms it licenses. In November 2026 they named 15 banks, 17 money transfer businesses, 24 microfinance institutions and 8 Takaful (Islamic insurance) companies. Six mobile money operators were licensed at the end of 2025.
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). The Central Bank's own pages hold the current lists.
Banks
The Central Bank's licensed banks register lists 15:
Agro Bank, Amal Bank (Garowe), Amana Bank, Bulsho Bank, Bushra Bank, Dahabshiil International Bank, Daryeel Bank (Bosaso), GIB, IBS Bank, Idman Bank, My Bank, 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). See Banks in Somalia.
Money transfer businesses (hawala)
The licensed money transfer register names 17:
Amal Express, Amana Express, Asal Express, Bakaal Express, Dahabshiil, Fundaza, Hibo (Bosaso), Hodan, Iftin Express, Jubba, Naafic, Quick, Rcash (Garowe), Sahan, Tawakal Express (Garowe), TAYO and Yiksi.
These firms carry most of the money families abroad send home. See Hawala and money transfer companies and 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). The first licence went to Hormuud's EVC Plus in February 2021 (VOA). See Mobile money in Somalia.
Microfinance
The licensed microfinance register 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 (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.
Takaful (Islamic insurance)
The licensed Takaful register lists 8:
Amanah Insurance, Baraka Takaful, FISO Insurance, 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).
Telecoms
Phone companies are licensed by a different body, the National Communications Authority, which lists seven mobile operators with spectrum licences (NCA, licence register). See Telecoms and internet.
Sources disagree
The Central Bank's Annual Report 2025 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 has its own central bank and licenses its own banks, such as Wadaag Bank (Tech Africa). Some firms based in Hargeisa also appear on the federal Central Bank's registers. See Somaliland's economy.
Sources
- CBS, licensed banks · centralbank.gov.so
- Central Bank of Somalia, Annual Report 2025 · centralbank.gov.so
- licensed money transfer register · centralbank.gov.so
- VOA · voanews.com
- licensed microfinance register · centralbank.gov.so
- licensed Takaful register · centralbank.gov.so
- Central Bank of Somalia, 27 January 2026 · centralbank.gov.so
- NCA, licence register · mail.nca.gov.so
- Tech Africa · tech.africa
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Where this matters
- Muqdisho (Mogadishu) and BanaadirMogadishu (Muqdisho) is Somalia's capital and makes up the Banadir region, with about 2.97 million people in 20 districts.
- Hargeysa (Hargeisa) and Woqooyi GalbeedWoqooyi Galbeed is the north-western region that holds Hargeisa (Hargeysa) and the port of Berbera, with about 1 to 1.45 million people.
- Garoowe (Garowe) and NugaalNugaal is the region around Garoowe (Garowe), Puntland's capital, with about 656,910 people in three districts.
- Baydhabo (Baidoa) and BayBay is a farming region in South West State, with Baidoa (Baydhabo) as its main city and about 1.25 to 1.8 million people.
Same era
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- Birmingham (Somali diaspora)About 17,000 to 21,600 Somalis live in Birmingham (Census 2021), mostly in Nechells, Newtown, Small Heath and Alum Rock. History, work, health and ties home.
- Bristol (Somali diaspora)9,167 people in Bristol identified as Somali or Somalilander in Census 2021, the city's largest minority group. Where they live, work, housing, leaders and ties home.
- Calgary, Alberta, Canada2,845 people of Somali origin lived in Calgary at the 2021 Census, plus 890 in Brooks. How they came, who serves them and what they face.
- Denmark (Somali diaspora)21,885 people of Somali origin lived in Denmark in 2026, half born there. Numbers, history, work, permit reviews, and ties home.
- DjiboutiAbout 13,900 refugees from Somalia live in Djibouti (Aug 2026): numbers since 1990, Ali Addeh, Holl-Holl, the 2017 refugee law, Arta 2000 and 2025 returns.
Keep reading
- Somalia's economy at a glanceSomalia's economy in numbers: GDP, growth, spending, trade, money from abroad, the budget and debt, with sources from the Central Bank and IMF.
- Banks in SomaliaSomalia's banks in numbers: who is licensed, how much they hold and lend, Islamic banking, microfinance, and how the system was rebuilt after 1991.
- The Central Bank of Somalia (Bankiga Dhexe ee Soomaaliya), 1960 to todayThe history, governors, powers and current work of the Central Bank of Somalia, from the Somali National Bank of 1960 to the 2012 Act, the 2013 resignations and the planned return of the shilling.
- Somalia's main banks and stock exchanges: Salaam, IBS, Premier, Dahabshil and the NSESProfiles of Somalia's main private banks, when each opened, who owns them and what they offer, plus the Somali Stock Exchange of 2015 and the National Securities Exchange of 2025.
- Islamic finance, microfinance and Takaful insurance in SomaliaHow Islamic banking works in Somalia, which microfinance and Takaful insurance firms are licensed, and what the 2025 laws changed, from Central Bank records.
- The Somali shilling and the dollarThe story of the Somali shilling from 1960 to today: why the economy runs on dollars, the street exchange rate, the plan for new notes, and the Somaliland shilling.