The Central Bank of Somalia (CBS) announced that Ziraat Katilim Bank of Türkiye has established a branch in Mogadishu, making it the first foreign bank to operate in Somalia in over five decades. This move is expected to boost the country’s financial sector by enhancing economic opportunities and trade with its partners.
In a statement released in Mogadishu, the CBS stated that the new Ziraat Katilim Bank branch in Somalia will provide a wide range of corporate banking services to businesses, international institutions, and development partners.
In July 2022, the CBS granted operating licenses to two international banks, namely Ziraat Katilim Bank and Banque Misr from Egypt, after a detailed application process.
Ziraat Katilim Bank is a state-owned participation bank and a member of the Ziraat Finance Group. With subsidiaries and branches in 20 different countries, the bank aims to facilitate investment and development in Mogadishu, showcasing the success of Somalia’s financial sector reforms.
CBS Governor Abdirahman Mohamed Abdullahi expressed satisfaction with the operationalization of the Ziraat Katilim branch, affirming the commitment to inclusive economic growth and a robust financial system in Somalia. He anticipates that the new bank will contribute to the development of the country’s financial sector and foster economic growth.