On twitter, CBS said it issued bank licenses this month, a move that is likely to see more activity and competition in the banking industry. New banks that acquired licenses this month to conduct their operations in accordance with applicable laws.

The new banks are: Daryeel Bank Limited, Somali Bank Limited, My Bank Limited, Agro Africa Bank and Amana Bank.

Somalia which has few operational banks including the Central Bank of Somalia, International Bank of Somalia (BSI) and Premier Bank, now focuses on several countries in the continent and other parts of the world.

For the first time in decades, Premier Bank has partnered with MasterCard and SWIFT, introducing the country's first automated teller machines (ATMs) in 2015.

The Central Bank is currently in the process of printing a new currency, to replace the old ones which were prone to counterfeiting. Several banks on the continent are seeking to establish themselves in Somalia after the country appealed to potential entrepreneurs willing to invest in Somalia.