I.
BANKING HISTORY OF SOMALIA
1920 – On November 15, the Banca d'Italia opened a branch at Mogadishu.
1938 – Banco di Napoli established a branch in Mogadishu and later one in Kismayo. Banco di
Napoli replaced Cassa di Risparmio di Torino, which had opened an office in Mogadishu in
1932.
1952 – National Bank of India (NBI), which later merged with Grindlays Bank to form National
and Grindlays Bank established branches in Berbera and Hargeisa in British Somaliland. NBI
was the first bank in British Somaliland and was the banker to the colonial government until
British Somaliland joined Italian Somaliland to form the Somali Republic in 1960. After the
unification, National and Grindlays opened a branch in Mogadishu.
Prior to 1958 – Banco di Roma established branches in Mogadishu and Merca. Both it and
Banco di Napoli also had branches in Ethiopia, particularly in Eritrea.
1960 – On July 1, 1960, the newly independent Republic of Somalia established the Banca
Nazionale Somala (National Bank of Somalia) to take over the activities of the Cassa per la
Circulazione Monetaria della Somali and the Mogadishu branch of Banca d'Italia. The new bank
combined central banking activities with commercial banking activities.
1968 – The government merged the Credito Somalo (Somali Credit Bank), which the Italian
administration had established in 1954, with the Banca Nazionale Somalo.
1971 – After the bloodless coup d'état of 1969 that saw Mohamed Siad Barre's ascension to
power, the government nationalized the four foreign banks (Banco di Roma, Banco di Napoli,
National and Grindlays Bank and Banque de Port Said) and combined them to form the Somali
Commercial Bank. The government also established the Somali Savings and Credit Bank to take
over the commercial branches of Banca Nazionale Somala, leaving the Banca Nazionale Somale
with only central banking functions. The Somali Savings and Credit Bank had branches in
Baidoa, Beledweyne, Berbera, Bosaso, Burco, Galkacyo, Qardho, Hargeisa and Kismayo, and
for a while in Djibouti.
1975 – On February 8, the government renamed the Banca Nazionale Somala to the Central
Bank of Somalia (Bankiga Dhexe ee Soomaaliya). It also merged the Somali Commercial Bank
and Somali Savings and Credit Bank to form the Commercial and Savings Bank of Somalia,
which was at the time the only bank in the country. (BBFO1)
1990 – The Commercial and Savings Bank of Somalia discontinued operations. At some point
the Central Bank of Somalia too ceased functioning.
2009 – The recently-formed Transitional Federal Government re-opened the Central Bank of
Somalia in Mogadishu as part of its campaign to restore national institutions.[2] The Bank has an
additional branch in Baido that is already operational with personnel in place.
II.
Banking structure and regulations in Somalia,
The regulations governing the structure and functions of banking in Somalia still rest essentially
on the 1963 banking law (Law
No. 18, of 14 August 1963), plus such provisions as were added
by the laws establishing the Banca Nazionale Somala, the Banca di
Sviluppo Somala, the Banca Commerciale Somala and the Cassa
di Risparmio e Credito della Somalia.
Some of the regulations governing the activities of banks
have already been mentioned. The principle of specialization is
incorporated in the legal prohibition on commercial banks to extend
medium- or long-term credit except through autonomous sections
with their own juridical personality and separate accounts.
Supervision of banking activities is exercised by the Secretary of State: for Finances through the
Somali National Bank,
which is responsible for interpreting and enforcing the rules which
govern the credit business.
Somalia/Somaliland offers unique banking challenges for any investor coming from the
Western world. Problems exist in the establishment of regular banking protocols along the
lines of those that Western investors typically use. Beyond security concerns, a major factor
in the dearth of brick-and-mortar banks is the lack of a fully functioning central bank. In the
absence of a central bank, an international acceptable Bill of Exchange Act that codifies the
law in relation to bank transfers, automatic teller machine, check payments and other
financial instruments, cannot exist. A review of these protocols could shed further light on
the Somalia/Somaliland scenario.
In general, how easily and at what costs firms operating in this jurisdiction receive access to
finance depends on a wide range of factors both internal and external to the given firm.
External factors are mainly connected to the institutional and regulatory environment.
Regulations include those of the banking system. Other equally important aspects are the
enforceability of contracts, the protection of property rights, and the availability of
recognized banks.
In most countries, retail payment systems have been dominated by banks who’s primary
function in the basic sense is to gather deposits for deployment in loans and other permissible
instruments. In order for this system to function effectively, a two-tier banking system must
be in place. At the top of this tier is a central bank that focuses on regulating credit, bank
licensing and supervision, and, setting monetary policies. While there is supposed to be close
and continuous cooperation between the central bank and the government, as a rule, it is
necessary to incorporate into the statutes provisions that guarantee the “independence” of
the central bank so that it is not subordinate to the state. The central bank is therefore,
designed to be autonomous and to serve as a core component of both the economic
bureaucracy and the national security apparatus.
Central banks are tasked primarily with maintaining price stability. The authority of the
central bank is derived partly from its technical expertise and policy efficiency which, in turn,
are important functions of close public-private interactions with the broader banking
community. In the process of formulating monetary policy, the central bank must maintain
direct access to current banking operations and detailed information about financial markets.
The second tier of banking is populated by commercial banks, finance houses, deposit
receiving institutions, and in the case of many developing countries, foreign exchange
bureaus. It is these institutions which exercise decisions that are based on internal factors
and which determine the availability of loans to the capital deficient. Commercial banks
consist of retail, business, and investment banking components. The retail component is the
set of operations that include issuing consumer loans, mortgages, and current/savings account
operations. Business banking is not altogether different from retail banking because it entails
deposit collection and loan making, albeit to businesses rather than to individual customers.
Investment banks on the other hand, specialize in underwriting securities, trading in
securities and providing advisory services. Unlike retail and business banking, investment
banking is generally a high-margin, but volatile, enterprise. Within all facets of banking, a
primary principle is “know your customer.” This includes names and identification numbers in
the case of individuals, registration certificates and articles of association for companies, and
any other relevant information about the respective customer. The “know your customer”
principle is used even in in Sharia compliant environments. The principle is part of the soft
and hard information that banks refer to before any lending decision is made. Hard
information in this situation is mainly availability of financial resources and other forms of
collateral for potential borrowers.
The other organizations include finance houses such as mortgage houses, deposit receiving
institutions of which the most common are savings cooperative societies and foreign exchange
bureaus. These organizations do not meet the definition of a commercial bank. Commercial
banks are in their most basic sense agents between the capital deficient and those with a
capital surplus. To act as an honest agent, commercial banks must know their customers, be
able to identify them in their event that there are duplicate entries, and enforce commercial
contracts. A central bank must as a matter of necessity supervise commercial bank operations
in order to maintain integrity in the system and to allow investor confidence to drive the
process of capital surplus meeting the capital deficient.
Products offered by different types of banks in Somalia,
1 Central Bank
The Central Bank of Somalia was established on June 30, 1960, by Decree No. 3 and converted
into Law No. 2 of January 13, 1961.
The Bank shall be guided in all its actions by the objectives of fostering monetary stability,
maintaining the internal and external value of the Somali Shilling, and promoting credit and
exchange conditions conducive to the balanced growth of the economy of the Republic, and
within the limits of its power, it shall contribute to the financial and economic policies of the
State.
The history of the Central Bank of Somalia began when the United Nation’s Trusteeship
Administration “A.F.I.S.” established on 8th April 1950 a new currency institution regulator
“Cassa per la circolazione monetaria Della Somalia” with its Head Office in Rome (Italy).
During the 1950s, as independence approached, on 6th April 1959 the Head Quarter has been
moved to Mogadishu, taking over all the assets, liabilities, operations of the Banca d’Italia’s
Mogadishu branch. On 3rd June 1960, it ceased to exist and its functions have been transferred to
the newly established central bank “Somali National Bank”.
The Monetary, Financial and Regulatory Policy Group supports the CBS in achieving its
monetary and financial stability goals by providing comprehensive and timely statistical,
analytic, and research papers; and through monitoring the safety and soundness of domestic
banks, non-bank financial institutions under its authority, including money transfer businesses,
the national payment system, and the domestic financial system more generally.
The Group is responsible for providing all the material and advice for the formulation and
conduct of monetary policy and for maintaining stability in the financial system. It conducts
fundamental research on monetary policy targets and tools, the domestic financial transmission
mechanism, financial stability, and foreign exchange policies.
The Group is headed by an Executive Director, who has the overall responsibility for the
Group’s work and performance.
The goal of Central Bank goals are to formalize financial institutions, establish effective
monetary policy, build strong banking operations foundation, increase organizational
effectiveness, strengthen reporting and transparency and promote good governance.
MONETARY POLICY
We are responsible for formulating monetary policy to achieve and maintain price stability.
FINACIAL STABILITY
The Central Bank also promotes financial stability; an effective and efficient payment.
FISCAL AGENT
We manage foreign exchange reserves; issuing of currency; and is the banker for, adviser to and
fiscal agent of the Government.
Mobile Money Services
Mobile Money regulation 2020, Part I, Article 3 “mobile money service” means a payment service
delivered in electronic form by a mobile money service provider in accordance with the Mobile
Money Regulations. Mobile Money regulation 2020, Part II, Articles 6 (1) every relevant person
shall apply to the central bank for License using the First Schedule to the Mobile Money regulation
Regulations.
Mobile Money regulation 2020, Chapter 2 Articles 7 (1 & 4) the Central Bank shall consider a
renewal application within ninety days and may renew or decline to renew a license for reasons
stated. In addition to that a license granted under the Mobile Money Regulation shall be valid for
two years and may be renewable biennially; provided that a license granted in the course of a
calendar year shall be valid up to 31st December of the end of the second year.
MONEY TRANSFER BUSINESSES
Financial Institution Law 2012, Chapter 1, Article 2 “Money transfer business” or “Hawala”
means the acceptance of cash, cheques and other payment instruments, [also including storedvalue products], in one location, and payment [disbursement] of a corresponding sum in cash or
other form to a beneficiary in another location.
Financial Institution Law 2012, CHAPTER 7, Article 50 A person shall not carry on or engage in
money transfer business without a valid license issued by the Central Bank for that purpose.
Financial Institution Law 2012, CHAPTER 7, Article 50 every relevant person shall apply to the
central bank for registration using prescribed form by the Central Bank of Somalia. Upon receipt
of an application for registration the licensing and supervision department shall, within fourteen
days, review the application and make recommendations, on the application, to a committee of
the central bank after ascertaining the formal content and completeness of information and
document requirements under Regulation.
COMMERCIAL BANKS
Financial Institution Law 2012, Chapter I, Article 2 “Commercial bank” means any bank in
Somalia whose business includes the Acceptance of deposits withdrawable by cheque, issue of
short term and medium-term loans, guarantees, foreign exchange transactions and such other
activities as the Central Bank may by regulation classify.
Financial Institution Law 2012, CHAPTER II, Article 1 A person who intends to engage in
banking business in Somalia must first obtain a license issued by the Central Bank.
Financial Institution Law 2012, CHAPTER III, Article 4 An application for bank license shall be
made in writing in the form prescribed by the Central Bank of Somalia. The application must be
accompanied by all required supporting information and documents, and the prescribed
application fee. In addition to that The Central Bank may require any other information from the
applicant, shareholders, significant shareholders, directors, officers and/or third parties that it
deems necessary to complete its assessment of a bank license application.
Financial Institution Law 2012, CHAPTERI II, Section 14 Article 1, 2 and Section 15 (1),
Section 16, and Bank Resolution on 31st December 2017 Central Bank of Somalia requires all
commercial banks should maintain Minimum Capital Requirements of 7,000,000 in which
1,500,000 deposit at Central Bank of Somalia and maintain all time a Capital Adequacy Ratio
which equals or exceeds twelve percent (12%) and a Core Capital Ratio which equals or exceeds
eight percent (8%). A liquidity ratio which equals or exceeds twenty (20%) is also required.
Financial Institution Law 2012, CHAPTER 9 Section 67 Article 1, Central Bank of Somalia
requires that no person or group of related person’s shareholders of licensed commercial banks
direct or indirect owns or controls more 25%.
LICENSED AND OPERATIONAL
Dahabshil Bank International
Amal Bank
Premier Bank
International Bank of Somalia
Amana Bank
Daryeel Bank LTD
SomBank LTD
Agro Africa Bank
My bank Limited
Galaxy International Bank.
LICENSED MONEY TRANSFER BUSINESSES.
Amana Online Money Transfer, Bakara Market.
Dahabshil Money Transfer,
Makka Al-Mukarama street, Mogadishu Somalia
Hodan Global Money Transfer, Mogadishu Somalia.
Jubba Money Transfer, Bakara Market, Mogadishu Somalia
Taaj Money Transfer. Hamar Jadid,Mogadishu Somalia
Tawakal Money Transfer, Bakara Market, Mogadishu Somalia
Iftin Money Transfer, Mogadishu Somalia
Bakaal Express Money Transfer, Bakaro Market Mogadishu Somalia
Globalex Money Transfer.
RESEARCH AND STATISTICS DEPARTMENT
Key Divisions of Research and Statistics
Within the Monetary, Financial and Regulatory Policy Group, the Research and Statistics
Department is the main source of monetary and banking statistics, research related to the national
economy, especially in the fields of credit, monetary policies and financial studies. The
Department collects and/or assembles financial and economic data. It rigorously applies
professional analysis to interpret events, identify trends and forecast probable outcomes.
To achieve the stated objectives of the CBS, Staff within the Department is expected to advise
the Executive Director specific actions and instruments. The output from the Department is
regularly disseminated through CBS publications, which includes Annual Report, Economic
Bulletin and Statistical Bulletin as well as periodic staff papers on selected topics pertinent to the
Somali economy. The Department works with external researchers, exchanges publications and
studies with a variety of international institutions and coordinates with other statistics providers
and government ministries and agencies in the country.
The Research and Statistics Department aims to be one of the nation’s foremost economic
research departments providing high quality research and financial analysis in support of the
CBS and the State. It conducts meaningful and timely research on important monetary, economic
and financial matters and producing a wide array of economic statistics that may impact CBS
and/or the country. It maintains an active dialogue with other central banks and international
organizations to enhance its research efforts and increase the visibility of Somalia.
The Department has three Divisions:
(1) Economic, Monetary and Financial Analysis Division,
(2) Statistics Division, and
(3) Policy Research and Analysis Division.
The Department is headed by a Director who provides strategic and organizational leadership to
ensure the achievement of its goals, in line with the CBS’s overall strategic plan.
1. Economic, Monetary and Financial Analysis Division
The Division of Economic, Monetary and Financial Analysis is responsible to conduct
substantial and meaningful in-depth economic analysis, research, and forecasting. The primary
aim is three-fold: (i) to develop the means of assessing the prospects for and progress in
maintaining price stability; (ii) to develop the framework necessary for conducting agreed
monetary policy, and (iii) to provide for economic forecasting and assessments of economic
activity, and inflation. This includes estimating the short-term indicators of inflation and its
direct determinants, identifying monetary transmission mechanisms, and assessing the impact
policy could have upon it.
The division prepares studies to help with the choice of the monetary regime and develops the
process by which the staff prepares and communicates their policy analyses and
recommendations to the Monetary Policy Committee. The division develops and experiments
with more sophisticated policy models of the Somali economy. Special research studies are
undertaken considering the rapid structural changes in the Somali economy. These may also
include, for example, greater understanding of the monetary transmission channels and a study of
how the process of financial deepening might evolve. Also, it may analyze governmental market
borrowing, and monitor and analyze the impact of these developments in the financial markets.
The Division focuses on forecasts appropriate for clarifying monetary policy options. It develops
an extensive capability for the analysis of risks and exploration of different scenarios. This
assessment of the outlook forms the heart of the regular Financial and Monetary Stability
Reviews for the Board and for publication. It also conducts special studies in the areas of
exchange rates, balance of payments, real economic activity, employment, government finances,
prices, interest rates developments and structure, money and credit. They provide the core of the
current analysis underlying the CBS’s assessment of the government’s macroeconomic policies
in its role as economic advisor to the government. They undertake annual monetary
programming exercises as needed and interact with relevant centers of authority and information,
including relevant government bodies and with regional and international organizations to help
formulate policy assumptions.
2. Statistics Division
The Statistics Division has responsibility for compiling (i) data on prices and the real economy
and access to primary data relevant for the conduct of monetary policy; (ii) data on the balance
of payments in fulfillment of the CBS’s expertise in collecting and publishing this part of
national statistics; and (iii) data on the banking, monetary and financial system required for
maintaining the stability of the financial and monetary systems.
3. Policy Research and Analysis Division
The Policy Research and Analysis Division is responsible for providing high quality research
and financial analysis products in support of the CBS, in particular the monetary policy
committee. It achieves this purpose by conducting meaningful and timely research on important
monetary, economic and financial matters and producing a wide array of economic policy
analysis that may impact CBS and/or the country. It maintains dialogue with other central banks
and international organizations to enhance its research efforts and increase the visibility of
Somalia.
City watchdogs say they also grasp that global banking can be economic nitroglycerine and are
getting to grips with the complexity and myriad international connections that make it so hard to
track and render safe.
Yet while bankers have sometimes apologized (no tears, though) and regulators have drawn up
new rules almost every month to prevent wrongdoing, there is every reason to remain wary
2 Premier Bank
Premier Bank Services offering includes Retail Banking, Business and Corporate Banking,
Mobile and Internet banking, ATM Banking, SWIFT transfers,
International money transfer and so much more.
Its Services
a) PREMIER MASTER CARD
Premier MasterCard Debit combines the convenience and benefits of MasterCard, with the
control of spending your own money. You can use your card to withdraw money directly from
your account using any MasterCard branded ATM machine worldwide.
Powered by MasterCard, your Premier MasterCard Debit is accepted at over 33 million locations
around the world. It can be used for cash withdrawals and balance enquiries at 1.9 million ATMs
worldwide.
b) ATM
Premier Bank’s Automated Teller Machines (ATM) network allows you to transact without
having to go into your branch. This modern and convenient platform makes banking accessible
and convenient 24/7. We will continue to invest in growing our network of ATMs.
c) Swift
Our SWIFT offering provides a convenient channel that enables international money remittance
and payments worldwide through banks. Money transfer across banks is safe, fast and
guaranteed through Premier Bank’s SWIFT service.
Do you know that you can apply for SWIFT online?
d) Payroll Processing
Our payroll processing system saves you all the time and resources required to manage your
salary and wages payments. Let Premier Bank help you with your payroll processing so that you
can focus on the more important things.
Simply open a salary current account for your employees and let us do the rest. At the click of a
button, our system will credit all you employees’ accounts and send an SMS notification to each
one of them.
Premier Bank payroll processing ensures that your employees receive their salaries on time and
save your company time and money.
3 SALAM BANK
Salaam Somali Bank (SSB) is the first privately owned bank in Somalia. We began our
operations on October 2009. The bank is regulated by the Central Bank of Somalia. SSB is
owned by trusted Somali business owners and is run by a dedicated team of professionals with
over 20 years of experience in banking and financial management services.
Salaam Somali Bank is the largest privately owned bank in Somalia in terms of branch coverage
and customer base. We have over 15 branches in Mogadishu and 8 branches across main regions
in the South and Central Somalia.
Bank Has Service includes
a) Car Finance
We understand our customers’ desire to own their own car. We are ready to offer affordable car
finance with longer repayment plans to help them fulfill their desire.
Benefits
Sharia Compliant
Murabaha Financing
Simplest way to own a car
Longer repayment plans
Affordable repayment plans
b) Home Finance
we will offer you Sharia Compliant home financing with affordable rates and long repayment
plans.
Construction Material Purchase
We will finance your construction materials to build your dream home.
Buying a piece of land
We will finance you to purchase an empty land to build your future home.
Benefits.
Become a home owner easily
Sharia compliant
Murabaha or Istisna Financing
Long repayment plans
Affordable repayment plans
c)Business Finance
Somalis are known to be good business people. We are ready to invest in business opportunities
that could help them maximize their profitability. We fund if they bring us business projects that
make it easier for them to grow their business. We are also ready to fund them if they come to us
with viable business ideas. We will generate your business by connecting you to our to our
network companies. We will strengthen management system to stay in control of your business.
Benefits
Sharia Compliant business investment
Musharakah or Mudarabah Finance
We will invest in your new business idea to make it a reality.
We will invest in your existing business to grow and maximise your profit.
We will connect you with our group companies to be your clients.
We can help you with the management system
Sense of ownership
Reasonable length
Salaam Entrepreneurship Fund (SEP)
Salaam Entrepreneurs Fund (SEF) is a $5 Million entrepreneurship fund allocated by Salaam
Bank in collaboration with Hormuud Telecom for Somali entrepreneurs.
SEF is three years Fund program aimed to cultivate the young Somalia entrepreneurs’ potential
by giving them start- up capital to convert their business ideas into reality. The fund aims to
focus on investing in the following five key sectors;
Technology
Renewable Energy
Farming
Fishing
Livestock
Type Entrepreneurs
Type Investments
Partnerships
Eligibility
Rational
Agriculture
Livestock
Fishing
Energy
Technology
4 IBS Bank
IBS Bank is an International, Islamic, and Somalia’s premier global investment and commercial
bank with an entirely Shari´ah compliant portfolio of products & services. IBS was incorporated
in July 2013 and is licensed by the Central Bank of Somalia (CBS).
Products & Services
a) Corporate Banking
Looking to make your business flourish? IBS Bank offers a full range of corporate products that are
suitable to your business financing needs whether it is short, medium, or long term.
b) SME Banking
In our SME Banking, we provide a wide range of Investment / financing services and payment
solutions, to help you run your business with ease.
c) Investment Banking
Invest with us to achieve your financial goals.
d) Trade Finance
We will help you to expand your business globally while offering customized solutions for your
trade finance needs including letters of credit, Murabaha L/C and performance bonds.
e) Bank Cards
Get the flexibility to make purchases, pay bills, or draw cash worldwide, conveniently, and
securely with our Mastercard debit cards.
f) Microfinance
Our vision is to bring Islamic microfinance products to the majority of Somalis through the
provision of a sound and sustainable financial microfinance solutions as a mechanism to create
wealth and employment.
g) Home Financing
Open the door to your dreams and let us help find the home that’s right for you.
5 SOMBANK
SOMBANK was launched on 15 July 2019 in Garowe, Somalia. It has a strong partnership with
its sister Company of Tawakal Money Transfer. This means that it is in a position to tap into a
large customer base which is already in place, and to also draw on the expertise its sister
Company had amassed through its many years in the financial sector in Somalia.
SOMBANK had already made significant investment in fixed assets in Somalia in the form of
Commercial Buildings developed in the Capital Mogadishu, Garowe, Galkacyo, Galdogob,
Bosasso and many more such investments are planned.
We have an exceptional Leadership team, Operations team, as well as well-trained personnel that
will deliver excellent services to our customers.
Products and Services
a) What is T-Plus
T-Plus is the first Mobile Wallet App in Somalia, and an excellent Mobile Wallet that is
efficient in sending money to your Family and Friends in a matter of seconds anywhere
anytime across the Globe.
b) Online bank
Sombank Internet Banking allows you to bank when and where it suits you, and our security
precautions mean your money is kept safe. It’s flexible banking 365 days a year.
Sombank Internet Banking is available to Personal and Small Business Customers who have a
Sombank account.
c) SOMBANK Mobile Banking App
Use SOMBANK Mobile Banking App conveniently anywhere you go. A fast, efficient and
secure way to access and manage your accounts. Simply the best way to experience banking. All
you need is Internet access.
6 MY BANK LIMITED
MyBank is a bank on the move. We believe that modern banking should have no borders or
limitations on how and when people can transact.
Established in 2018 by a team of seasoned entrepreneurs and experienced bankers, our resolve is
to revolutionize how people bank by giving them financial tools that free them to transact
whenever, wherever they go. Starting in Somalia, our endeavor is to connect our nation to the
world.
We aspire to bring services closer to the digital savvy, entrepreneurial, industrious people of our
region through the latest digital and alternative technologies and accessible physical network.
The establishment of MyBank Limited was a response to the massive gap between demand and
supply of the financial services in Somalia. It would be recalled that the World Bank reported in
2017 that there was a gap of USD 2.2 billion between demand and supply of the financial
services in the country.
At that point, two bankers and financial industry experts from Somalia (MyBank Chairman and
CEO) captured that information regarding the gap in financing products, discussed the matter,
analyzed, consulted with peers, engaged investors and decided to establish MyBank Limited to
play a major role in filling that gap, contributing to the prosperity of our people and connecting
our nation to the global economy.
The internet and smartphone penetration rate in the country is quite high, indicating an
opportunity for digital banking services in Somalia. Over the last few years, MyBank Limited
has focused on building a robust digital infrastructure to bridge this gap in digital banking
services.
Products and Services provides
a) Microfinance
In a country like Somalia where GDP per capita is as low as less than $ 500 and where poverty is
common, banks need to extend financing facilities to the bottom end of the economic pyramid.
This is because those poor people can do great in the country’s economic and social development
if they are given suitable tools. There is no doubt that micro-finance is one of those tools.
We tailored this product for this category of the community so that we can contribute to the
economic growth of our country and also include more people to the formal banking industry.
In order to finance more poor people with limited or no access to the collaterals and other
security means required by the banks when extending financing products, we decided to make
this a “Non-secured loan” where eligible people can access this product without the need for any
kind of security.
b) Electronics Financing
More electronics will be bought with the loan.
To purchase electronics and home appliances, apply for a consumer loan at MyBank. Simply go
into any of our partner stores, choose the appliance, electronics or product you desire, and
request a consumer loan from the sales personnel.
c) Home financing
Are you dreaming to have your own home?
Is you incoming what limits you from having your dream home?
Please come and benefit from our low home financing rates and get your beloved ones under a
roof you own.
We are good in this area because of the following reasons:
Our competitive financing rates.
Our relatively long financing period.
Our trusted and experienced real estate partners.
With us, your home is your security.
Specially designed and developed affordable homes for the low-income earners.
Relatively long grace period.
Flexible repayment schedule of monthly, quarterly, semiannually and annually.