Turkey’s Ziraat Katilim Bank opened a branch in Somalia.
The Central Bank of Somalia confirmed this development via a press statement published on Sunday, October 29.
The bank is now fully inaugurated and licensed to operate in Somalia.
According to the Central Bank, the bank’s presence in the country would improve trade between Somalia and its trading partners, which include Turkey.
Ziraat was granted a license to operate in Somalia in July 2022.
Abdirahman Mohamed Abdullahi, the Governor of the Central Bank, welcomed the bank’s operationalization in the East African nation.
He said that its presence is proof of the successful financial reforms that the Somali government has undertaken in the country over the last few years.