How deposit insurance could stabilize the Somali financial sector and prevent bank runs

[Deeq A.]

The Somali financial sector comprises 13 licensed Commercial Banks, 4 Mobile Money Operators, and 2 International banks that cater to client deposits. Despite the presence of financial institutions, public trust in the banking sector is relatively low due to, among other things, the lack of deposit insurance or guarantees for customer savings and deposits

Source: Hiiraan Online