Bank of Somaliland Signs Cooperation Agreement to Expand Financial Access
Bank of Somaliland has formalized a new cooperation agreement aimed at expanding access to formal financial services across underserved communities. The partnership focuses on strengthening digital payment infrastructure, supporting small business lending, and training a new generation of finance professionals. Officials from both sides described the signing as a milestone in the bank's ongoing modernization strategy, with implementation expected to begin in phases over the coming year.
Central Bank Governor Outlines New Currency Stability Measures
Speaking at a press briefing this week, the Governor of the Central Bank of Somaliland presented a set of measures intended to support currency stability and strengthen oversight of the financial sector. The briefing covered plans for tighter coordination between commercial banks, updated reporting standards, and continued investment in financial infrastructure. The Governor emphasized that maintaining public confidence in the national currency remains a top priority for the institution.
Bank of Somaliland Opens New Branch in Oodweyne
Bank of Somaliland has expanded its branch network with the opening of a new location in Oodweyne, extending savings, deposit, and lending services to residents and local businesses in the district. The branch is equipped to handle everyday banking needs and is part of a broader plan to bring formal banking closer to communities outside the capital. Bank representatives said the expansion reflects steady demand for accessible financial services nationwide.
Currency Exchange Markets See Increased Activity Ahead of Holiday Season
Local currency exchange markets across Hargeisa have reported a noticeable increase in activity as households and traders prepare for the upcoming holiday season. Money changers say demand for both local and foreign currency typically rises during this period, driven by remittances, travel, and seasonal trade. The bank continues to monitor exchange activity as part of its broader efforts to support a stable and transparent financial environment.
Small Business Activity Grows in Hargeisa City Center
A recent survey of Hargeisa's city center points to steady growth in small business registrations, particularly among retail and trading enterprises. Bank of Somaliland noted that demand for small business accounts and short-term working capital loans has grown alongside this trend. The bank said it is reviewing new lending products tailored to micro and small enterprises to better support this segment of the economy.
Financial Literacy Outreach Continues Across Hargeisa Neighborhoods
As part of its ongoing community outreach program, Bank of Somaliland has continued hosting financial literacy sessions in neighborhoods across Hargeisa, focusing on savings habits, safe use of mobile banking, and basic budgeting. Field teams report strong turnout among both young adults and small traders. The bank plans to extend the program to additional districts in the coming months.