Premier Bank Premier Bank is a privately owned Sharia compliant commercial bank incorporated in

Somalia Somalia, , Osmanya script: 𐒈𐒝𐒑𐒛𐒐𐒘𐒕𐒖; ar, الصومال, aṣ-Ṣūmāl officially the Federal Republic of SomaliaThe ''Federal Republic of Somalia'' is the country's name per Article 1 of thProvisional Constituti ...

in 2013 and licensed by the

Central Bank of Somalia The Central Bank of Somalia (CBS) ( so, Bankiga Dhexe ee Soomaaliya, ar, البنك المركزي الصومالي) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an autho ...

in 2014. It is the first bank in

to allow MasterCard credit cards and partner with

Visa Visa most commonly refers to: *Visa Inc., a US multinational financial and payment cards company ** Visa Debit card issued by the above company ** Visa Electron, a debit card ** Visa Plus, an interbank network *Travel visa, a document that allows ...

History

Premier Bank was opened on May 21, 2015 according to

Sharia law Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the Five Pillars of Islam, religious precepts of Islam and is based on the Islamic holy books, sacred scriptures o ...

by private Somali investors with banking experience from South Sudan, Djibouti and Kenya. The bank's official opening ceremony was opened by former Somali President

Hassan Sheikh Mohamud Hassan Sheikh Mohamud ( so, Xasan Sheekh Maxamuud, ar, حسن شيخ محمود; born 29 November 1955) is a Somali politician who has served as the president of Somalia since May 2022. He is the founder and current chairman of the Union for P ...

. The bank has branches in

Mogadishu Mogadishu (, also ; so, Muqdisho or ; ar, مقديشو ; it, Mogadiscio ), locally known as Xamar or Hamar, is the capital and List of cities in Somalia by population, most populous city of Somalia. The city has served as an important port ...

as well as

Hargeysa Hargeisa (; so, Hargeysa, ar, هرجيسا) is the capital and largest city of the Republic of Somaliland. It is located in the Maroodi Jeex region of the Horn of Africa. It succeeded Burco as the capital of the British Somaliland Protectorat ...

Somaliland Somaliland,; ar, صوماليلاند ', ' officially the Republic of Somaliland,, ar, جمهورية صوماليلاند, link=no ''Jumhūrīyat Ṣūmālīlānd'' is a ''de facto'' sovereign state in the Horn of Africa, still conside ...

. Premier Bank in partnership with MasterCard and

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, ...

provides to its local clients for global online financial services. Premier Bank's chairman Jibril Hassan Mohamud announced during the Mogadishu Tech Summit 2018 a fund of one million dollars for Somali tech startups.

References

21st-century establishments in Somalia Banks established in 2013 {{Africa-bank-stub Banks of Somalia