(29-10-23) MOGADISHU — A historic financial milestone has been reached in Somalia as Ziraat Katilim Bank of Türkiye opens its doors in the capital city of Mogadishu, marking the first international bank to operate in the country for more than five decades.
The Central Bank of Somalia (CBS) confirmed the development in an official statement released on Saturday, 29 October 2023. The statement applauded the move as a pivotal moment that “will further enhance the economic opportunities and trade between the Federal Government of Somalia and its trading partners, including the Republic of Türkiye.”
CBS initially granted a licence to the Turkish state-owned bank on 2 July 2022 after an extensive application process. Ziraat Katilim is a part of the Ziraat Finance Group, which has a global footprint with operations in 20 different countries through 15 subsidiaries and 27 international branches.
The newly inaugurated Mogadishu branch aims to provide a comprehensive array of corporate banking services tailored for businesses, international institutions, and developmental partners.
Halqabsi News
