Doors Open to Foreign Banks in Somalia After Half-Century Hiatus
- Lenders from Kenya to the Gulf interested seeking licenses
- Banking is among most profitable industry, Governor Ali says
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Kenyan banks are competing against lenders from Gulf nations seeking licenses to operate in Somalia as the strife-torn country opens up the industry to international companies for the first time in almost half a century.
Somalia’s central bank has held talks with KCB Group Ltd., the owner of Kenya’s largest bank, and Nairobi-based Commercial Bank of Africa Ltd., Governor Bashir Issa Ali said, without identifying any banks from the Gulf.