The Central Bank of Somalia has approved the relicensing of seven commercial banks in the country.
The Central Bank’s Board of Directors approved the relicensing while holding their ordinary meeting in Mogadishu.
This year’s meeting took place from December 15-17, 2023.
The BoD also agreed to approve the bank’s budget for 2024.
Members of the BoD also agreed on the need for relicensing 15 money transfer businesses (MTBs).