First Somali Bank

First Somali Bank

Company type	Private company
Industry	Financial services
Founded	2012; 13 years ago (2012)
Defunct	2016 (2016)
Fate	Unknown
Headquarters	Mogadishu, Somalia
Key people	Liban Abdi Egal
Products	Loans, debit cards, money transfer and retail banking
Website	www.firstsomalibank.com ^[dead link‍]

The First Somali Bank (FSB) is was a Somali commercial bank headquartered in Mogadishu, Somalia. The bank provided bank accounts, loans and debit cards as well as money transfer services.

History

FSB was established in May 2012 by Liban Abdi Egal.[1] It was the first commercial bank to open in southern Somalia since 1991.[2]

An Islamic financial institution, the bank offered personal banking, commercial banking, agency banking, mobile banking and internet banking. It also provided money transfer services to clients.[3]

In mid-2012, the First Somali Bank organized its first ever Technology, Entertainment, Design (TEDx) conference. The event was launched to showcase improvements in local business, development and security to potential Somali and international investors.[2]

Albert Falck was the first CEO of the bank from January 2012 to end of June 2012. He managed the product portfolio creation and launch of the bank.

The banks website was closed in 2016.[4][5][6]

See also

• Central Bank of Somalia

Notes

1. Mulupi, Dinfin (20 June 2012). "Meet the Boss: Liban Abdi Egal, chairman, First Somali Bank". How We Made It In Africa. Retrieved 30 January 2014.
2. "War-torn Somalia stages TEDx conference". Phys.org. 17 May 2012. Retrieved 24 January 2014.
3. "First Somali Bank". First Somali Bank. Retrieved 30 January 2014.
4. "Somali bank launches first NFC wearable payment solution to accelerate financial inclusion". 2024-10-18. Retrieved 2025-01-09.
5. "Somalia authorizes first foreign banks in decades". Africanews. 2022-07-04. Retrieved 2025-01-09.
6. "Somalia's 1st Tokenized NFC Wearable Payment Solution Debuts". IT News Africa | Business Technology, Telecoms and Startup News. 2024-10-18. Retrieved 2025-01-09.

External links

• First Somali Bank
• First Somali Bank Prospectus 2012^[permanent dead link‍]