Somaliland: Renew Your Licenses Central Bank Orders Financial Institutions

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Somalilandsun- The Central Bank of Somaliland has issued a circular to all private financial institutions, money exchanges bureaus, telecom companies operating the mobile money transfer services, loan service providers, microfinance companies and all other financial services entities to renew their licenses at the Central Bank headquarters.

The bank’s chairman Mr.Mohammed Abdi Ibrahim informed Somaliland News Agency (SOLNA) about his new directive. The bank boss stated that through bank act number 133 articles 54/2012 request all insurance companies, commercial banks, money exchange dealers and other financial institution to register their licenses with the Central Bank.

Central Bank of Somaliland gave the money traders three weeks to finalize the paper work or else they will be penalized or even closed down altogether. Herein is the directive…….

  1. Financial Institutions without licenses to apply for it at the Central Bank.
  2. Those with licenses to renew their permits.

By: SOLNA

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