Regulatory Alerts2025-07-06
Added · Updated
Central Bank of Somalia Regulation on Bank Licensing
The Central Bank of Somalia issued this revised regulation to establish licensing criteria for banks, replacing the 2014 version to strengthen supervision and market stability. It defines two license categories, 'full banks' and 'restricted banks', and mandates a two-phase application process with specific timelines for assessment and decision-making. The regulation outlines strict decision criteria including fit and proper governance, financial resources, business plans, and risk management, alongside procedures for annual license renewal.
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