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 2018 by a team of seasoned entrepreneurs and experienced bankers, 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 endeavour 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 the financial services 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 the financial services in the country.
At that point, two bankers and financial 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.
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 and we are planning to expand our operations across the country in strategically planned way during coming five years.
