The First Somali Bank (FSB) was a Somali
commercial bank
A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit.
It can also refer to a bank or a division of a larger bank that deals with whol ...
headquartered in
Mogadishu
Mogadishu, 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 connecting traders across the Indian Ocean for millennia and has ...
,
Somalia
Somalia, officially the Federal Republic of Somalia, is the easternmost country in continental Africa. The country is located in the Horn of Africa and is bordered by Ethiopia to the west, Djibouti to the northwest, Kenya to the southwest, th ...
. The bank provided
bank account
A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction
A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, ...
s,
loan
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.
The document evidencing the deb ...
s and
debit cards
A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either ...
as well as money transfer services.
History
FSB was established in May 2012 by
Liban Abdi Egal.
It was the first commercial bank to open in southern Somalia since 1991.
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.
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.
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.
See also
*
Central Bank of Somalia
Notes
External links
First Somali BankFirst Somali Bank Prospectus 2012
{Dead link, date=December 2019 , bot=InternetArchiveBot , fix-attempted=yes
Banks of Somalia
Companies based in Mogadishu
2012 establishments in Somalia
Banks established in 2012