Premier Bank: The Most Secure Way To Deposit Money In Somalia!

Premier Bank Somalia is an international, Islamic, and Somalia’s Premier global investment and commercial bank with an entirely Sharia compliant portfolio of products and services.

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Background: Premier Bank Somalia

The Premier Bank Somalia is a privately held Sharia-compliant commercial bank that was established in Somalia in 2013 and licensed by the Central Bank of Somalia in 2014. It is the first bank in Somalia to accept MasterCard credit cards and is a Visa partner.

Premier Bank Somalia was established on May 21, 2015, under Sharia law by private Somali investors with banking experience in South Sudan, Djibouti, and Kenya. Former Somali President Hassan Sheikh Mohamud officiated at the bank’s official opening ceremony.

The bank has offices in Mogadishu and Hargeisa. Premier Bank, in collaboration with MasterCard and SWIFT, offers global online financial services to its local clients. Premier Bank’s chairman, Jibril Hassan Mohamud, announced a one-million-dollar fund for Somali tech startups at the Mogadishu Tech Summit 2018.

Premier Bank Somalia Objectives

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The Premier Bank Board of Directors serves as the bank’s primary governing body and is responsible for the bank’s strategic and policy direction. The Board is comprised of seasoned businessmen with diverse business interests and backgrounds, as well as individuals of high ethical, moral, and professional integrity.

The Board of Directors ensures that the bank’s corporate governance and stewardship are conducted ethically and transparently.

Premier Bank has identified the following strategic goals as critical to achieving its mission over the next few years:

  • Social Responsibility – To contribute to Somalia’s development by supporting industry and trade, thereby contributing to and serving the community’s/citizens’ needs.
  • Accelerated Growth – Achieving viability and a level of profitability sufficient to sustain growth.
  • Service Excellence – To provide transformative products and services that exceed our customers’ expectations and to strive to be the bank of the first choice.
  • Professional management entails developing and nurturing a competent and innovative management team with high integrity and professionalism.
  • Employee Enrichment – Creating a competent and skilled team through ongoing comprehensive training programs.
  • Enhanced Stakeholder Value – Constantly strive to protect and enhance the interests of its stakeholders while delivering shareholder value.

Corporate and Business Banking

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Premier Bank Somalia provides the following services in the corporate sector:

-Off-Balance-Sheet (Off-Balance-Sheet Finance for Trade

Transactions with a high potential for fees. The bank will act as a “Collateral Manager” for various traders and importers in these transactions. Premier Bank will ONLY focus on financing facilitation while adhering to the bank’s investment and lending policies and guidelines.

-Financing for Small and Medium-Sized Enterprises (SME).

With the IMF and World Bank reaffirming their commitment to assisting Somalia in rebuilding its economy, Premier Bank now has the opportunity to collaborate with these institutions to finance SME projects in Somalia. This will raise the bank’s profile and increase the confidence of other development partners and potential investors.

-Banking Institutions

Another important market segment for corporate banking will be assisting international organizations in setting up offices in Somalia and the reconstruction process.

-Money Transfer Companies that are Registered and Accredited

This segment’s primary delivery channels will be physical branches, enhanced relationship management, a strong E-Banking platform, and correspondent banking.

Retail Banking

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In terms of retail banking, the Premier Bank Somalia provides the following services:

Deposit Mobilisation – This is accomplished through the use of funded current and savings accounts. Account opening will be driven by the bank’s branch and business development teams.

Women and Student Banking – Women and students are a growing market for which the bank aims to add value by providing unique and differentiated products.

Personal Finance – Through credit products aimed specifically at individuals. These will include credit facilities to facilitate the purchase of vehicles and land.

Internet Banking – Premier Bank’s mobile banking service will allow retail customers to check their accounts, transact, make payments, and send money from anywhere at any time. Kye target groups for retail banking include:

  1. Employees of International Organizations operating in Somalia.
  2. Recipients of Diaspora remittances on a local level.
  3. Individuals in the general public who require financial services.

To compete effectively in this market, the bank will rely on extensive delivery channels, well-trained sales teams, and technology-driven operations. This segment’s primary delivery channels are the physical branch network, ATMs strategically placed throughout the country, Internet Banking platforms, and Card services (Debit and Prepaid Cards).

Premier Bank Somalia Services

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ATM Cards: Premier MasterCard Debit combines MasterCard’s convenience and benefits with the freedom to spend your own money. You can withdraw money directly from your account using your card at any MasterCard-branded ATM worldwide.

Your Premier MasterCard Debit, which is powered by MasterCard, is accepted in over 33 million locations worldwide. It is accepted at 1.9 million ATMs worldwide for cash withdrawals and balance inquiries.

Swift: SWIFT’s offering provides a convenient channel for international money remittance and payments through banks worldwide. Through Premier Bank’s SWIFT service, money transfers between banks are secure, quick, and guaranteed.

ATM: Premier Bank’s Automated Teller Machine (ATM) network enables you to conduct transactions without having to visit a branch. This modern and convenient platform makes banking accessible and convenient 24 hours a day, seven days a week. The bank continues to invest in expanding its ATM network.

Payroll Processing: The payroll processing system at Premier Bank Somalia saves you all of the time and resources required to manage your salary and wages payments. Simply set up a salary current account for your employees and delegate the rest to them. Their system will credit all of your employees’ accounts and send an SMS notification to each of them with the click of a button.

Premier Bank payroll processing ensures that your employees are paid on time and saves your company time and money.


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People at Premier Bank Somalia believe that by working together, we can make a difference in the communities where we do business. This philosophy directs efforts to promote economic and community development.

They are aware of the issues that affect their people and the community in which they live. The importance of environmental conservation, security for all, and equal employment opportunities are key themes in which the bank will continue to invest for the future growth of not only their business but also of their country, Somalia.

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