Thursday , 29, Sep ,2022 : SBA, the umbrella body of Somalia’s financial Institutions on Tuesday 27, Sep 2022, held its biggest and first corporate forum on Foreign Banks. Sominvest director Mohamed Dubo MyBank CEO Abdulrazak M. Ahmed and senior economist Prof. Yahye Amir were on stage to offer their insights on the arrival of foreign Banks in the country.
The event was held to provide a platform for the industry to engage and address the ever-changing implications on Foreign Banks and also navigate opportunities that international Banks could contribute to the economy. In his opening remarks, SBA chairman Ahmed Shirwac termed the forum as an opportunity where sides can exchange their acumens on the topic, pledging forum outputs would be exploited for further research.
“It’s my conviction that such forums will generate ideas that will put us on an edge position which will also keep the banking industry on the competition frontier. Mr .Sharwac said.
SBA CEO Yasin M. Ibar who was moderating the forum said that banking sector depicted unprecedented resilience over the last two decades. He said the forum will not only cover challenges but will underpin opportunities that Foreign Banks could bring into the Somalia’s market.
The forum has underscored how both local banks and the international Banks can share a healthy competition that benefits the public despite regulatory gaps been outlined during the debate session. The forum guests have commanded the strides made by the local banks in regard to saving the country’s fragile economy.
Over 100 people from the member Banks and other fields of finance were given their chance to gauge their paradigms on the theme, with most of them siding and commanding local Banks.
The Egyptian bank Banque Misr and the Turkish bank Ziraat Katilim become the first Foreign Banks that receive licenses from the Somali Government on July 3, 2022.
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