A new international bank has been launched in Mogadishu, a latest sign of life in the city after more than two decades of civil war which engulfed the bright lights of the town, making it one of the most dangerous on earth.
The commencement of this new idea has been out of the question without the fragile tranquility that culminated in the absence of Al-Shabab after the militants withdrew Mogadishu three years ago when AU peace keeping force offensive weakened their grip on power.
A colorful ceremony indicating the official ribbon cutting of Premier bank has been held in its six story building near Mogadishu’s K4 junction in Mogadishu with the senior government officials including president Mohamud in attendance.
Three Years ago the locale of the bank was a bullet charred trench used by Somali government forces to protect themselves from Al-Shabab attacks but now you could see lights twinkling in the tower adding a touch of glamour and amusement to the building.
Premier bank director Mahad Ahmed told the audience during the ceremony that his bank offers comprehensive one-stop financial solutions to customers who include both private and government institutions, corporate, Small and medium-sized enterprises and individuals in the country.
“Premier bank believes in the promise of a new Somalia and that we all have a role to play in rebuilding in the country”
Ahmed emphasized that service delivery was one their key pillars and that is why they have partnered with MasterCard and swift to bring these global services to the people of Somalia.
Somalia’s central bank governor Bashir Isse Ali who also delivered speech during the ceremony said that somalia is finally rising from the ashes, with the launch of such classic bank in a country that has plagued violence and anarchy for more than two decades gives a glimmer of hope to many who have never dared dream that peace would come so soon to Somalia.
Somali president who spoke at the function said that Somalia is finally standing on its own feet as his country decides to make the best of the bad job by healing the wounds caused by the civil war Mr Mohamud cited as the country emerges from the civil war his government is urging citizens to invest money in order for them to be able to improve the economic climate in the country” “My government dubs this year ( 2015) as the year economic growth to be created in the county and to avoid factors that hinder economic development” President Mohamud said.
The country’s economy has always in extremely dire straits due to civil unrest but both wealthy local and international businessmen have begun to take the plunge as they started business in the war torn capital despite explosions and sometimes targeted assassination that routinely takes place in the capital Mogadishu.
The opening of the new bank coincides at a time Kenyan government frozen most of long-stood Hawalat companies operating in its country in an effort to crack down an informal remittance network that transfers cash without any records of the parties involved.
The Premier Bank hopes to change all this with their new forward-thinking project to help the customers in order for them to send and get their money safely
The Premier Bank is the second international bank that has launched operations in Mogadishu after International Bank of Somalia which is the first Somali Bank that has a swift code unlike its competitors.
According to the bank manager, it is a fully fledged Islamic bank licensed and regulated by Somalia’s central bank in Mogadishu. The ban has two branches on Mogadishu’s k4 junction and the main Bakara market.