Money Transfer Business — Somalia
The Somalia category mapped to cross-border remittance.
Regulator: Central Bank of Somalia.
Central Bank of Somalia licence for a Money Transfer Business (hawala) under the Money Transfer Business Licensing Regulations, 2014 (CBS/NBS/REG/0002, made under ss. 50/54/120 of the Financial Institutions Law) — acceptance of funds in one location and corresponding payment in another (reg 3). The published register (centralbank.gov.so/licensed-money-transfer) is a thin projection of the statutory Register of Licensed Money Transfer Businesses (regs 25–29), which additionally records approved agents, shareholders/directors and « the countries the applicant will be sending or receiving money » — the corridor-country axis is NOT published online (an honest not_published note, never reconstructed from operator marketing). Name-keyed. No minimum capital is fixed (capital « commensurate with the risk exposures »); the quantified floor is a US$60,000 performance security (reg 20) — never presented as capital. Licences renew annually (regs 30–31). English throughout.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Licensed providers
17 entities| # | Provider | Status (as reported) | Source | Source date |
|---|---|---|---|---|
| 1 | Amal Express (also written Amal) | licensed | Central Bank of Somalia | not dated |
| 2 | Amana Express (also written Amana) | licensed | Central Bank of Somalia | not dated |
| 3 | Asal Express (also written Asal) | licensed | Central Bank of Somalia | not dated |
| 4 | Bakaal Express (also written Bakaal) | licensed | Central Bank of Somalia | not dated |
| 5 | Dahabshiil | licensed | Central Bank of Somalia | not dated |
| 6 | Fundaza | licensed | Central Bank of Somalia | not dated |
| 7 | Hibo | licensed | Central Bank of Somalia | not dated |
| 8 | Hodan | licensed | Central Bank of Somalia | not dated |
| 9 | Iftin Express (also written Iftin) | licensed | Central Bank of Somalia | not dated |
| 10 | Jubba (also written Jubba Express) | licensed | Central Bank of Somalia | not dated |
| 11 | Naafic | licensed | Central Bank of Somalia | not dated |
| 12 | Quick Express (also written Quick) | licensed | Central Bank of Somalia | not dated |
| 13 | R-Cash | licensed | Central Bank of Somalia | not dated |
| 14 | Sahan | licensed | Central Bank of Somalia | not dated |
| 15 | Tawakal Express (also written Tawakal) | licensed | Central Bank of Somalia | not dated |
| 16 | Tayo | licensed | Central Bank of Somalia | not dated |
| 17 | Yiksi | licensed | Central Bank of Somalia | not dated |
Reading the tables
- not dated
- — the official source publishes no date of its own. We show our own last-checked date instead of inventing one for the regulator.
Licence requirements
What it takes to hold this licence, as stated in the cited official instruments. Capital and fees are shown in the currency the statute itself uses.
| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | Not officially published: The Money Transfer Business Licensing Regulations 2014 fix no minimum-capital figure: capital is required « commensurate with the risk exposures assumed » (a risk-based, fit-and-proper requirement), with no official amount published. The quantified US$60,000 is a PERFORMANCE SECURITY (reg 20, Section 54(1) FIL) — a security deposit carried as an ongoing obligation, never presented as minimum capital. | Central Bank of Somalia — Money Transfer Business Licensing Regulations, 2014 (CBS/NBS/REG/0002, under ss. 50/54/120 of the Financial Institutions Law) — reg 11 (fee), regs 14/18/20 (timeline + performance security), regs 30–31 (annual renewal) | 2014 |
| Local presence / incorporation | A money transfer business must be incorporated/organized, and the application must include its certificate of incorporation (or articles of incorporation/organization) and bylaws; each « place of business » is a location in Somalia. Verbatim“incorporation, or articles of incorporation as amended and supplemented, and bylaws (if a company)” | Central Bank of Somalia — Money Transfer Business Licensing Regulations, 2014 (CBS/NBS/REG/0002, under ss. 50/54/120 of the Financial Institutions Law) — reg 11 (fee), regs 14/18/20 (timeline + performance security), regs 30–31 (annual renewal) | 2014 |
| Timeline | The central bank completes a completeness check within thirty days and decides within sixty days of a complete application; the licence issues within 14 days of the deposit of the performance security (regs 14/18/20). Verbatim“60 days after the date a complete application is filed” | Central Bank of Somalia — Money Transfer Business Licensing Regulations, 2014 (CBS/NBS/REG/0002, under ss. 50/54/120 of the Financial Institutions Law) — reg 11 (fee), regs 14/18/20 (timeline + performance security), regs 30–31 (annual renewal) | 2014 |
| Local ownership | No such requirement: The Money Transfer Business Licensing Regulations 2014 impose no local-shareholding or nationality cap on a money transfer business. | Central Bank of Somalia — Money Transfer Business Licensing Regulations, 2014 (CBS/NBS/REG/0002, under ss. 50/54/120 of the Financial Institutions Law) — reg 11 (fee), regs 14/18/20 (timeline + performance security), regs 30–31 (annual renewal) | 2014 |
| Fees | Non-refundable application fee US$1,000 (reg 11). Verbatim“application fee of US$1,000” | Central Bank of Somalia — Money Transfer Business Licensing Regulations, 2014 (CBS/NBS/REG/0002, under ss. 50/54/120 of the Financial Institutions Law) — reg 11 (fee), regs 14/18/20 (timeline + performance security), regs 30–31 (annual renewal) | 2014 |
| Ongoing obligations | A money transfer business must deposit and maintain a performance security of US$60,000 (reg 20, a security deposit under Section 54(1) FIL — not capital); licences renew annually, at least sixty days before expiry (regs 30–31); the central bank maintains a public statutory register of licensed money transfer businesses (regs 25–29). Verbatim“a performance security by the applicant of US$60,000 or such other amount as the central bank may prescribe in accordance with Section 54(1) … every year at least 60 days before expiry” | Central Bank of Somalia — Money Transfer Business Licensing Regulations, 2014 (CBS/NBS/REG/0002, under ss. 50/54/120 of the Financial Institutions Law) — reg 11 (fee), regs 14/18/20 (timeline + performance security), regs 30–31 (annual renewal) | 2014 |
Requirements as published in the cited instruments — not legal or compliance advice. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
The equivalent in other markets
Categories mapped to the same normalized activity —
fintech:REMITTANCE_XBORDER:
- → International Money Transfer Operators (IMTO) (Nigeria)
- → Money Remittance Provider (Kenya)
- → International Money Transfer Operator (Ghana)
- → Authorised Dealer in foreign exchange with Limited Authority - Category 3 (South Africa)
- → Money Transfer Service Provider (Tanzania)
- → Money Remittance Operator (Uganda)
- → Money Transfer Service Provider (Zambia)
- → Remittance (Rwanda)
- → Money Remittance/Transfer Agency (Ethiopia)
- → Établissement de paiement spécialisé, exclusivement, en matière de transfert de fonds (Morocco)
- → Authorised Dealer with Limited Authority - Tier 1 (Zimbabwe)
- → Authorised Dealer with Limited Authority - Tier 2 (Zimbabwe)
- → Messagerie financière (DR Congo)
- → Instituição de transferência de fundos (Mozambique)
- → Casa de câmbio autorizada a exercer actividade de remessa de valores (Angola)
- → Foreign Exchange Bureau and Money Transfer (Lesotho)
- → Non-Account Based Payment Services (Money Remittance Service) (Botswana)
- → Money Service Provider (Money Transfer Agent) (Malawi)
- → Établissement de paiement (Tunisia)
- → Établissement de paiement de transmission de fonds à l'international (Burundi)
- → Auxiliaire financier (Djibouti)
- → Payment service provider (Seychelles)