Hargeisa, Somaliland – Somaliland President Abdirahman Mohamed Abdillahi Irro on Sunday presided over the official launch of Wadaag Bank in Hargeisa, marking the entry of a new financial institution into the region’s banking sector.
The inauguration ceremony, attended by cabinet ministers, business leaders, and community representatives, highlighted the administration’s commitment to strengthening financial services and promoting economic growth in the self-declared republic.
In his address, President Irro welcomed the establishment of Wadaag Bank as a milestone for Somaliland’s financial landscape. He emphasized that modern, well-regulated banks are essential for attracting investment, creating jobs, and supporting entrepreneurs.
The bank’s leadership said Wadaag Bank will focus on expanding access to financial services, offering savings and lending products, and supporting digital banking solutions to serve both urban and rural communities.
Somaliland’s financial sector has expanded in recent years, with remittance services and private banks filling a gap left by the absence of international institutions. The government has pushed reforms to improve regulation, strengthen investor confidence, and align local banking practices with international standards.
Analysts note that the launch of Wadaag Bank comes at a time when Somaliland is seeking to deepen economic self-reliance and expand its trade and investment opportunities, despite lacking international recognition.
The event concluded with a call for stronger collaboration between public institutions and private investors to accelerate economic growth and improve financial inclusion across Somaliland.