# Somalia's main banks and stock exchanges: Salaam, IBS, Premier, Dahabshil and the NSES > Profiles 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. Source page: https://calankii.com/en/economy/somalias-main-banks/ Last checked: 2026-11-12 Publisher: Calankii (https://calankii.com) ## The short version All banking stopped when the state collapsed in January 1991 ([Central Bank of Somalia, History](https://centralbank.gov.so/history/)). For almost two decades money transfer companies did the work of banks. Private banks began to open from 2009. The Central Bank's register listed **15 licensed banks** in November 2026: Agro Bank, Amal Bank, Amana Bank, Bushra Bank, Bulsho Bank, Dahabshiil International Bank, Daryeel Bank, GIB, Idman Bank, IBS Bank, My Bank, Premier Bank, Salaam Bank, Sombank and Ziraat Katilim of Turkey ([CBS, licensed banks](https://centralbank.gov.so/licensed-banks/)). Together banks held $2.3 billion of assets at the end of 2025 ([CBS, Annual Report 2025](https://centralbank.gov.so/wp-content/uploads/2026/08/Annual-Report_2025.pdf)). For sector figures, see [Banks in Somalia](/en/economy/banks/) and [The Central Bank of Somalia](/en/economy/central-bank-of-somalia/). ## Salaam Somali Bank Full page: [Salaam Somali Bank](/en/businesses/salaam-somali-bank/). - Opened in **October 2009** in Mogadishu, with first branches in Hamarweyne and [Bakaara](/en/economy/bakaara-market/). It describes itself as the first bank to operate in Somalia since 1991 ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank)). - In 2010 it launched DEEQTOON, mobile banking built on Hormuud Telecom's technology. In 2009 the two firms set up the Hormuud Salaam Foundation (same source; see [Hormuud Telecom](/en/businesses/hormuud-telecom/)). - In October 2014 it opened Somalia's first cash machines, in Mogadishu ([BBC, 7 October 2014](https://www.bbc.com/news/world-africa-29519877)). - It reports 55 branches, 20 of them in Mogadishu ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank)). - With the World Bank and the reinsurer ZEP-RE it runs drought insurance for herders. By March 2026 this had enrolled more than **163,000** pastoralists and paid out **$4.5 million** ([Devex, 3 April 2026](https://www.devex.com/news/sponsored/in-drought-hit-somalia-savings-accounts-offer-a-lifeline-112193)). - In 2024 it won The Banker's Islamic Bank of the Year, international category ([The Banker, Islamic Banking Awards 2024](https://www.thebanker.com/content/5b2f8e2d-aadd-5a62-8cb0-a972c5c483e3)). ## International Bank of Somalia (IBS) Full page: [International Bank of Somalia (IBS)](/en/businesses/international-bank-of-somalia/). - Incorporated in July 2013 and opened on **11 October 2014** in Mogadishu, with President [Hassan Sheikh Mohamud](/en/people/hassan-sheikh-mohamud/) at the opening. Bloomberg reported it as the first Somali lender able to handle foreign transactions ([Bloomberg, 13 October 2014](https://www.bloomberg.com/news/2014-10-13/somali-bank-becomes-first-lender-to-handle-foreign-transactions.html); [Wikipedia, International Bank of Somalia](https://en.wikipedia.org/wiki/International_Bank_of_Somalia)). - It was founded by Somali businesspeople mostly based in Dubai. In March 2015 it offered **$10 million** of shares to the public, 10 percent of its capital (same source). - It lists seven branches in Mogadishu and branches in Garowe, Kismayo, [Bosaso](/en/regions/bari/) and Baidoa, and issues Mastercard and Visa cards (same source). ## Premier Bank Full page: [Premier Bank](/en/businesses/premier-bank/). Incorporated in 2013, licensed by the Central Bank in 2014 and opened in Mogadishu on 21 May 2015, when it was reported to be bringing more debit cards to the country ([Hiiraan Online, 26 May 2015](https://www.hiiraan.com/news4/2015/May/99789/somalia_s_new_international_bank_brings_more_debit_cards_to_war_torn_country.aspx); [Wikipedia, Premier Bank](https://en.wikipedia.org/wiki/Premier_Bank)). ## Dahabshil Bank International Full page: [Dahabshil Bank International](/en/businesses/dahabshil-bank-international/). Owned by the [Dahabshiil](/en/economy/hawala-and-money-transfer-companies/) group and based in Hargeisa. It became an officially recognised institution in [Somaliland](/en/states/somaliland-1991-to-2026/) in early 2009 and opened its first branch in Hargeisa that year. By November 2014 it had lent **$70 million** to finance, livestock, farming, health and education ([Wikipedia, Dahabshil Bank International, citing Reuters, November 2014](https://en.wikipedia.org/wiki/Dahabshil_Bank_International)). See [Dahabshiil](/en/businesses/dahabshiil/). ## Amal Bank Amal Bank is on the Central Bank's register of licensed banks, which lists it with an address in Garowe ([CBS, licensed banks](https://centralbank.gov.so/licensed-banks/)). It is named among the largest banks by African Business ([African Business, August 2025](https://african.business/2025/08/african-banker/reforming-somalias-banking-sector-amid-crisis-and-opportunity)). For the other licensed banks, see [Somalia's newer banks](/en/businesses/somalias-newer-banks/) and [MyBank Somalia](/en/businesses/mybank-somalia/). ## Stock exchanges - **Somali Stock Exchange (SSE).** A private exchange set up by the Somali Economic Forum. It was registered on 24 March 2011 and sold its first shares on **1 September 2015**, at offices in Garowe, Mogadishu and Hargeisa ([Wikipedia, Somali Stock Exchange](https://en.wikipedia.org/wiki/Somali_Stock_Exchange); [UN Sustainable Stock Exchanges initiative, 17 June 2019](https://sseinitiative.org/all-news/the-un-sustainable-stock-exchange-welcomes-the-somali-stock-exchange/)). - **National Securities Exchange of Somalia (NSES).** The official exchange, backed by the Finance Ministry and the Central Bank, opened in Mogadishu on **19 June 2025**. It plans to list shares and sukuk (Islamic bonds), starting with telecoms, banking, property and energy firms. Its first chief executive is Yasin M. Ibar, formerly head of the Somali Banking Association. It is one of nine members of the East African Securities Exchanges Association ([MFW4A](https://www.mfw4a.org/news/somalia-launches-its-first-stock-exchange-mogadishu); [African Capital Markets News, 4 September 2025](https://africancapitalmarketsnews.com/national-stock-exchange-launched-in-somalia/)). In February 2026 it said it planned to start trading during 2026 ([Africa Global Funds, 10 February 2026](https://africaglobalfunds.com/analysis/interviews/building-trust-from-the-ground-up-somalias-capital-market-takes-shape/)). See [Investing in Somalia](/en/economy/investing-in-somalia/). ## Sources disagree - **The first bank since 1991.** Salaam Somali Bank says it was the first, opening in October 2009 in Mogadishu. Dahabshil Bank International was recognised in Somaliland in early 2009, and IBS was described by Bloomberg in 2014 as the first lender to handle foreign transactions ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank); [Wikipedia, Dahabshil Bank International](https://en.wikipedia.org/wiki/Dahabshil_Bank_International); [Bloomberg](https://www.bloomberg.com/news/2014-10-13/somali-bank-becomes-first-lender-to-handle-foreign-transactions.html)). - **First Somali Bank.** A bank of that name, founded by [Liban Abdi](/en/people/liban-abdi/) Egal, is described as the first commercial bank to open in southern Somalia since 1991, in May 2012; its website closed in 2016 ([Wikipedia, First Somali Bank](https://en.wikipedia.org/wiki/First_Somali_Bank)). See [Somali business pioneers](/en/economy/somali-business-pioneers/). - **The first stock exchange.** The NSES is widely reported as Somalia's "first" stock exchange, but the privately run Somali Stock Exchange began selling shares in 2015 ([MFW4A](https://www.mfw4a.org/news/somalia-launches-its-first-stock-exchange-mogadishu); [UN SSE initiative](https://sseinitiative.org/all-news/the-un-sustainable-stock-exchange-welcomes-the-somali-stock-exchange/)). - **The number of banks.** The Central Bank's 2025 annual report counts 13 local banks and 1 foreign branch; its register lists 15 banks in November 2026 ([CBS, Annual Report 2025](https://centralbank.gov.so/wp-content/uploads/2026/08/Annual-Report_2025.pdf); [CBS, licensed banks](https://centralbank.gov.so/licensed-banks/)). - **The Hormuud Salaam Foundation.** Its founding year is given as 2009 on Wikipedia but 2013 in a sponsored article in The EastAfrican ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank); [The EastAfrican](https://www.theeastafrican.co.ke/tea/sponsored/salaam-somali-bank-solidify-its-growth-in-somalia-banking-sector-4629888)). --- I want to help with this: email hello@calankii.com. 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