Regulatory Alerts2025-06-10
Bank Licensing Regulation, 2014
The Central Bank of Somalia issued this 2014 regulation to establish a comprehensive licensing framework for all domestic and foreign entities seeking to operate banking businesses in Somalia. The rule mandates written applications with supporting documentation and prescribed fees, requiring the regulator to deem applications complete within thirty days and issue a final grant or refusal decision within ninety days based on financial soundness, transparent ownership, and fit-and-proper management criteria. Licensed institutions must commence operations within twelve months, adhere to their submitted business plans for three years, and submit annual renewal applications by October 2nd to maintain valid licenses through December 31st.
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