International banks have now decided to open offices in Somalia in a move that could have a huge impact on the country’s financial market.
For years, the banking industry in the country has been a preserve of local banking and financial institutions, but that is now expected to change.
The Center for Governance Solutions issued a statement seeking information on what this means for the local banks.
In the statement, it said, “The Central Bank of Somalia needs to work with regulatory bodies and strike a balance to ensure that local and foreign banks work for the benefit of Somalis.”
Center for Governance Solutions issued this statement based on the findings of a study it commissioned on the banking sector in the Horn of Africa country.