How to open a bank account in Somalia?

Anyone can open a bank account in Somalia with the proper documents.

How to open a bank account in Somalia?

You can open a bank account in Somalia in two simple steps.

  • Apply for a bank account in Somalia online or at your local branch in Somalia.
  • Download an application, compile it and take it to your local bank with some documents.

Features and advantages

These are some of the features and advantages of the convenience of a bank account in Somalia.

• Branches, ATMs, and point-of-sale terminals at strategic locations

• SMS or mobile banking, and online banking are all options for customers.

• It is free to deposit and withdraw money from a teller.

• Having access to a chequebook.

• You can have account statements, both regular and requested or duplicate.

• The capacity to use a debit card can be available anywhere in the world.

• A free electronic statement is available.

• The bank’s network allows for free account/payment transfers within Somalia.

• You have personal finance available to you.

Personal current account requirements

• There is 0 charge for the initial consultation.

• There is no charge for account maintenance each year.

• There is no initial deposit.

• Completed and signed Application Form Copy of National/State ID/Passport.

Savings requirements in general

• A $20 upfront deposit

• A daily balance of $2

• Only at the bank branch can you withdraw cash.

• A copy of your national/state identification card/passport

• Application Form, filled out and signed

In Somalia, how many banks are there?

Premier Bank, Dhabsil Bank, Salaam Bank, International Bank of Somalia. Along with Amal Bank are the five licenced banks that are currently operating. Along with this, national banking licences have been issued recently.

Amaana Bank and Daryeel Bank are two of Mogadishu’s newest banks.

Is it possible to open a bank account online?

InstaAccount allows you to open a savings account from your mobile phone or laptop. You can start the procedure by providing your mobile number, papers and completing a form. All this may be using our online portal, allowing you to avoid going to the bank in person.

Is there a bank in Somalia?

As Somalia lacks a banking system linked to international financial institutions. Remitters turn to Somali money transfer operators (MTOs). MTOs can send money from worldwide to cities, towns, and small villages in Somalia.

Is it possible to register a bank account without any funds?

Yes, to put it. A deposit is not required by a small number of banks and banks with online banking. If you choose a bank that does not need a deposit, you will not be there to make one.

The cover image is somewhere in Goldogob, Somalia. Photo by Ismail Salad Osman Hajji dirir on Unsplash