SBA Overview
Somali Bankers Association (SBA) was established in 2016 and is recognized by the Central Bank of Somali as the official Association to represent the country’s private banking sector. SBA is the financial sector’s leading advocacy group and the umbrella body of institutions licensed and regulated by the Central Bank of Somali (CBS) with a current membership of 13 commercial banks of all sizes.
The objectives for which the Somali Bankers Association was founded are to further the interests of banking and financial institutions in Somalia. The following are some of the important objectives of SBA:
- To promote the establishment of sound banking principles, structure, and the best practices in Somali in line with the International standards and practices.
- To provide where possible such advice or assistance as may be considered necessary and practical to its Members.
- To work in co-operation with governmental financial institutions in the country.
- To work in co-operation with similar associations elsewhere in the region and the world at large.
- To promote consumer protection and complaint resolution in line with the financial acts, rules, and regulations in the country.
- To promote public awareness of financial literacy, inclusion, and banking products across the country.
- To improve public relationships.
- To protect the rightful interests of members.
- To promote education, research and development, and training in all aspects of banking to promote the level of banking expertise in Somalia.
- Salaam Somali Bank
- Dahabshiil International Bank
- International Bank of Somalia IBS
- Premier Bank
- Glaxy International Bank (GIB Bank)
- MyBank
- Som-Bank
- Daryeel Bank
- Amana Bank
- Amal Bank
- Agro Bank
- Bushra Business Bank (BBBank)
- Idman Community Bank (IdCB)
- Transparency and fairness
- Inclusivity and independent
- Consumer-Orientation
- Social-good commitment
- Non-partisanship.
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Somali Bankers Association (SBA) was established in 2016..Historical Background:
Somali Bankers Association was formed on July 2016 with 6 Members. Since the inception date, SBA was growing rapidly and now total number of member Banks are 13 licensed Banks.
SBA brings together banking institution of all sizes and charters in Somalia and works towards enhancing Somalia’s image as regional financial hub for the region.
SBA brings together banking institution of all sizes and charters in Somalia and works towards enhancing Somalia’s image as regional financial hub for the region.
We have a common voice on matters relating to industry performance and growth, policy and regulations, the elevation of professional standards and standards of providing banking services /Engage banking institutions together in researched advocacy and stakeholders’ engagement in order to promote a conducive legislative and regulatory system that take into account the needs and concerns of banking institutions and facilitate financial inclusion.
The Association provides an open forum where banks can come together to collectively discuss and solve their shared problems. SBA is also actively engaged in promoting banking conferences, exhibitions and seminars that bring overseas banking delegations to Somalia and create business opportunities for all members.