The idea of setting up a bank in Somalia first popped up in the minds of our founders in 2010. They saw a need for a dependable banking partner after being frustrated by the lack of banking services.

The founders undertook a feasibility study to find out the full extent of the banking and financial sector limitations and gaps in Somalia. The first attempt at setting up the bank was made in 2012. However, due to unforeseen challenges, the process was postponed.

In 2020, at the height of Covid 19, the need for a serious and trustworthy banking partner became apparent once again as the founders needed a banking partner during the onset of a prestigious real estate project in Somalia. Unable to find a capable partner, the need to form a bank became stronger.

The founders begun the application process for a license to operate. Early 2023, the bank got approved to operate. The bank was registered in November 2022 and it received its license in February 2023