MyBank is a bank on the move. We believe that modern banking should have no borders or limitations on how and when people can transact.
Established in 2019 by a team of seasoned born-and-bred-in-Africa entrepreneurs, our resolve is to revolutionize how people bank by giving them financial tools that free them to transact whenever, wherever they go. Starting in Somalia, our endeavor is to connect our nation to the world.
We aspire to bring services closer to the digital savvy, entrepreneurial, industrious people of our region through the latest digital and alternative technologies and accessible physical network.
The establishment of MyBank Limited was a response to the massive gap between demand and supply of financial products in Somalia. It would be recalled that the World Bank reported in 2017 that there was a gap of USD 2.2 billion between demand and supply of financial products in the country.
At that point, two bankers and finance industry experts from Somalia (MyBank Chairman and CEO) captured that information regarding the gap in financing products, discussed the matter, analyzed, consulted with peers, engaged investors and decided to establish MyBank Limited to play a major role in filling that gap, contributing to the prosperity of our people and connecting our nation to the global economy.
Currently, only two banks provide card facility in Somalia. However, the internet and smartphone penetration rate in the country is quite high, indicating an opportunity for digital banking services in Somalia. Over the last few years, MyBank Limited has focused on building a robust digital infrastructure to bridge this gap in digital banking services.
We have been licensed by the Central Bank of Somalia in 2019 and we are planning to expand our operations across the country in strategically planned way during coming five years.
MyBank Branches, Agents and ATM locations
It is planned that the bank will have ten fully fledged branches, as well as alternative banking channels including 2,340 POS and mPOS, 390 agency banking outlets and 107 ATMs and Mobile Banking capability by 2023. All of these platforms will be hosted on a digital shariah compliant core banking system.
To locate our branches and ATM locations, please click here.
