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.
Key figures
- Somali-owned bank: US$1.5 million
- Foreign-owned bank: US$3 million
Source: Central Bank of Somalia (CBS), Banking Licensing Regulation, 2022.
Published by the Somali Researchers Association (SRA). See all our flash cards.