By Dawan Africa - Reporter
Somalia, 5 December 2025 - The Central Bank of Somalia has announced that the country’s banking sector assets have reached $2 billion, while inbound remittances exceeded $6.23 billion in 2024, underscoring the vital role these transfers play in supporting households and strengthening the economy’s resilience.
The figures were released as part of the Financial Stability Report discussed by the newly inaugurated Financial Stability Committee, whose first-ever meeting was held on 24 November 2025. The committee was established as a national body mandated to monitor systemic risks and coordinate macroprudential policies.
According to the Central Bank, the report showed marked improvements in the banking sector’s performance. Banks maintained a strong capital adequacy ratio of 19 per cent, while net profits rose to $9 million in 2024. Payment systems also demonstrated significant resilience, with Real-Time Gross Settlement (RTGS) and Automated Clearing House (ACH) platforms processing over $1.9 billion in transactions, and mobile money services reaching 84 per cent of the adult population.
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The bank emphasized that inbound remittances — exceeding $6.2 billion — continue to be a crucial lifeline for Somali households, contributing to economic stability and supporting much of the country’s commercial activity.
The Central Bank added that the Financial Stability Committee will, in the coming period, focus on strengthening the financial system’s resilience through initiatives such as currency reform, integrating money transfer businesses into the national payment system, enhancing anti-money laundering and counter-terrorism financing frameworks, and improving crisis preparedness.
