Banque Misr obtains license to operate in Somalia

The Board of Directors of the Central Bank of Somalia (CBS) agreed to issue a license to Banque Misr to operate within the country.

Governor of the CBS Abdel Rahman Mohamed Abdullah said that Banque Misr will contribute significantly to strengthening the country’s financial system and economic growth in general.

He added that the CBS is committed to developing and maintaining the stability of the financial system in the country.

Banque Misr is the first foreign bank to operate in Somalia.

In response to a question by Daily News Egypt about the date of the bank’s entry into the Somali market, Mohamed Al-Etreby — Chairperson of the Board of Directors of Banque Misr — said that procedures are currently being completed in preparation for this step.

Al-Etreby said in previous statements that Banque Misr plans to establish a presence in several African countries over the coming period, including Somalia, Kenya, and Cote d’Ivoire, whether in the form of branches or representative offices, which contributes to strengthening trade relations between Egypt and the rest of Africa.