Mogadishu — The Governor of Somalia’s Central Bank, Abdirahman Abdullahi, announced on Wednesday that Somalia’s financial sector witnessed substantial growth this year, with $1.6 billion deposited in local banks and an additional $2.4 billion sent through remittance companies in 2024.
Speaking at a press briefing in Mogadishu, the Governor highlighted the figures as evidence of increasing public confidence in the country’s formal financial system.
“These numbers reflect the growing resilience and trust in Somalia’s financial institutions. Our banks and remittance companies play a vital role in sustaining households and businesses across the country,” said Governor Abdullahi.
The Governor also credited the increase to ongoing regulatory reforms and improved oversight that have bolstered transparency and accountability in Somalia’s financial sector.
The Central Bank of Somalia is currently working to implement further measures to enhance financial stability and encourage more citizens to utilize formal banking channels for their savings and transactions.