The Somalia Investor – Issue#7
How ready is Somalia to host foreign banks? In May this year, KCB Group Ltd., the largest bank in Kenya, and Nairobi-based Commercial Bank of Africa Ltd held talks with Governor Bashir Issa Ali. “They are expressing an interest to gain a foothold in Somalia,” Ali is quoted to have said in an interview.
It’s is also understood that there are a number of Middle East-based banks seeking licenses to operate in the country. In total, 12 commercial banks have supposedly applied for a banking licence in Somalia.