Africa > East Africa > Somalia > Banking / Investment

Banking / Investment in Somalia

  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • East Africa: Regional Microfinance Institutions Advised to Apply for Observer Status

    DJIBOUTI CITY, 2015/01/04 Regional microfinance institutions are poised to benefit from regional integration, if they apply for an observer status at the East African community secretariat, Innocent Safari, the permanent secretary, Ministry of East Africa community affairs has said. The advice follows plans by sector players to move towards integrating legal and regulatory frameworks during the recently concluded microfinance CEO's summit in Kigali. During the summit, top micro finance managers resolved to explore ways in which laws, regulations and supervisory frameworks governing the sector can be harmonised to enhance cross-border business.
  • Somalia cash transfer firms up pressure on Barclays

    SOMALIA, 2013/07/21 Somalia's money transfer businesses appealed on Monday for the last major British bank they work with not to close its accounts, warning this would cut lifeline services for the war-torn country. With their country ravaged by decades of conflict and without a formal banking system, a lot of diaspora Somalis depend on money transfer services to send millions of dollars annually to support family in the impoverished country. The Somali Money Services Association (SOMSA), an umbrella group of transfer services, has said that Barclays bank is to close the accounts of its members next month.
  • Fragile peace draws investor interest in Somalia

    SOMALIA, 2013/06/20 In early May, London held its second annual conference on Somalia at the UK Foreign & Commonwealth Office. With the initial parliament in twenty years in place in Mogadishu and insurgent groups in retreat, thoughts turned to reconstruction - with a frantic week of events, deals and discussions. Coca-Cola, Turkish Airlines, Africa Oil and Range Resources have all recently set up offices in Somalia. Presently, other international companies are seeing opportunities to develop the country’s oil and gas, telecoms, infrastructure, agriculture and fisheries sectors. 
  • Opening a bank in Somalia? Not a crazy idea, says businessman 2012-06-19

    SOMALIA, 2012/06/19 Years of civil war has largely taken Somalia off the map as an investment destination. It also didn’t help that the capital Mogadishu had been branded as the most dangerous city in the world. Perceptions are, however, changing with relative calm in Mogadishu, and Somalis from the diaspora trooping back home to rebuild the nation.