Türkiye's Ziraat Katilim Bank to open first branch in Somalia

The Somali government has granted operating licenses to Türkiye's participation bank Ziraat Katilim as the first Turkish international bank to operate in the Horn of Africa country.

After a meeting in the capital Mogadishu on Saturday, directors of Somalia's Central Bank said in a statement that it has granted two international banks to operate in Somalia.

"License applications from two international banks, Türkiye's Ziraat Katilim and Egypt's Banque Misr, have been approved", said the Central Bank of Somalia in a statement.

The application of the two banks underwent months of intensive process and both banks can now establish and operate branches in Somalia, according to the statement.

"We are happy that the board has approved the licensing application of Ziraat Katilim Bank and Banque Misr," said Abdirahman Mohamed Abdullahi, the governor of the Central Bank of Somalia.

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Enhancing opportunities of investment

"Ziraat Katilim Bank is a solid bank that will add value to the development of Somalia's financial sector and contribute to the growth of Somalia's economy", said Abdullahi.

According to Somalia, the two banks that will operate in the country are a testament to the success of the reform to the country's financial sector, further enhancing opportunities of investment.

Somalia and Türkiye are enjoying special relations while Turkish companies are now investing in the Horn of Africa country.

Somali President Hassan Sheikh Mohamud is set to travel to Türkiye on Monday to meet his Turkish counterpart Recep Tayyip Erdogan.

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