Anyone opening a bank in Somalia must lodge a security deposit with the Central Bank. Foreign-owned banks have to put up twice as much as Somali-owned banks.
Security Deposit Required to Open a Bank in Somalia
Category: Economy
Customer Deposits in East African Banks: Somalia vs Its Neighbours (2025)
Somali banks held $1.63 billion in customer deposits in 2025. Kenya’s banks held about 29 times as much.
Minimum Capital Required to Open a Bank in Somalia
A new bank in Somalia must prove its capital before it is licensed. This minimum capital is separate from the security deposit held at the Central Bank.
How Much Do Somali Banks Add to Murabaha Financing?
Somali banks lend mainly through murabaha. An SRA check in October 2026 found an annual profit margin of 6% to 12%. Rates vary by bank, amount financed…
Licensed Commercial Banks: Somalia, Kenya and Ethiopia (2026)
Somalia has 15 licensed commercial banks, fewer than half as many as Kenya.
Remittances vs Food Imports: Somalia Spends More on Food Than It Receives
Somalia receives $2.0 billion a year in remittances from Somalis abroad but spends $2.2 billion importing food.
2026 GDP Growth: Somalia vs Ethiopia and Kenya
The IMF projects Somalia’s economy to grow 2.6% in 2026, the slowest of the three countries compared.
Approved Government Budget for 2026: Somalia vs Kenya and Ethiopia
Somalia’s approved budget for 2026 is $1.38 billion. Kenya’s is almost 27 times larger.
2026 Annual Budgets Across Somali Administrations
Somaliland has the largest 2026 budget of any Somali administration, followed by Puntland and Banadir.
Somalia Government Spending on Water and Electricity Rose 19.3% in 2025
The federal government spent $1.11 million more on water, electricity and related services in 2025 than in 2024.