Licensed Financial Institutions – Bank of Somaliland

This page is an independent archival summary based on historical content from the Bank of Somaliland. It is not the official BOSL website.

The Bank of Somaliland (BOSL) is responsible for licensing, regulating, and supervising financial institutions operating within the Republic of Somaliland. This authority is granted under the Central Bank Act and supporting regulations, which set out the requirements for entry, operational conduct, and ongoing compliance in the financial sector.

Licensed institutions are authorised to provide banking, remittance, foreign exchange, microfinance, mobile money, and insurance services to the public. The licensing process ensures that these entities meet minimum capital requirements, maintain sound governance, and adhere to anti–money laundering (AML) and counter–terrorist financing (CFT) obligations. Supervision is conducted both on-site and through regular reporting to promote stability, transparency, and consumer protection.

Table of Contents

Categories of Licensed Institutions

The Bank of Somaliland issues licenses in several categories, each serving distinct roles in the economy:

Banks – commercial and development banks providing deposit, lending, and payment services.
Remittance Companies – entities authorised to transfer funds domestically and internationally, often serving the Somali diaspora.
Microfinance Institutions – organisations offering small loans, savings products, and financial services aimed at low-income households and small enterprises.
Mobile Money Service Providers – telecom-affiliated or standalone companies providing electronic wallets and mobile-based payment services.
Forex Dealers – businesses licensed to buy and sell foreign currencies within regulatory guidelines.
Takaful and Insurance Companies – providers of Sharia-compliant insurance (Takaful) and conventional insurance products.

Licensing Criteria

Applicants for a financial institution license must meet specific requirements set by the BOSL, which may include:

Minimum paid-up capital levels appropriate to the category of license.
Qualified and vetted directors and senior management.
Detailed business plans and operational policies.
Robust AML/CFT compliance frameworks.
Secure IT and operational systems for customer protection.

Supervisory Framework

The BOSL conducts regular inspections of licensed institutions, reviews periodic returns, and enforces corrective measures when necessary. The supervisory framework aims to safeguard depositors’ funds, maintain the integrity of payment systems, and ensure that financial services are delivered in a safe and transparent manner.

Public Access to the Licensed List

The Bank historically published updated lists of licensed institutions, including their names, categories, and in some cases their official contact details. This transparency helps customers identify legitimate service providers and avoid unlicensed operators. The archived records below provide reference lists for each category of license:

Disclaimer: The above information is based on archived records and may not reflect the current licensing status of any institution. For up-to-date information, please refer to the official channels of the Bank of Somaliland.