WILL FOREIGN LICENSED BANKS CHANGE SOMALIA’S BANKING SECTOR?

Author: Dr. Ahmed khadar Abdi Jama

Abstract: In the last decade, Somalia has witnessed unprecedented expansion in the banking sector, leading to the opening of numerous commercial banks. According to the 2021 report of the Central Bank of Somalia, 13 new commercial banks have been licensed, most with close ties to international banks as a gateway into the international financial market. There are also cases where money transfer operators have successfully upgraded their status into financial institutions in their own right. These banks, wh Open Full Paper