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Opening of First Foreign Bank Branch in Somalia in 50 Years

A leading Turkish bank, Ziraat Katilim, has opened a branch in Mogadishu, becoming the first foreign bank to operate in Somalia in over a half-century, officials said. A ribbon-cutting ceremony was held Sunday in Mogadishu, where officials hailed the inauguration as a “historic moment.” All foreign banks closed down in 1970 when the Somali government nationalized the banking system. Abdullahi said the presence of Ziraat Bank will also make it easier for Somalis to conduct transactions outside the country. The bank’s operations will focus on corporate financing and trade financing, officials said on X, formerly known as Twitter.

SOURCE: BLOOMBERG