BCIMR Opens First Commercial Bank in Somaliland

[Jacaylbaro]

 

 

Hargeisa, 4 February (Somalilandpress) - The Banque pour le Commerce et l’Industrie - Mer Rouge (BCI-MR), the partly-owned subsidiary of French bank BNP Paribas, held a ribbon-cutting ceremony yesterday in Hargeisa to officially open the first commercial bank ever in Somaliland.

 

It is the first bank to open in Somaliland and is expected to boost Somaliland banking services and connect the unrecognized republic to the global market. It will also create new jobs for the locals.

 

The bank will issue a letter of Credit (LC) to it’s clients that can be used for international trade for both import and export transactions.

 

Participants in the ceremony included Mr Thierry Choinier - France’s Ambassador to Djibouti, business executives, traders, traditional elderly, Parliamentarians, Central Bank officials, varies organisations from NGO’s and special guests.

 

BNCI-MR (Djibouti) Managing Director Mr Ould Amar Yahya said the Bank’s program of branch openings was a solid indication of its confidence in the region and today is the most respected bank in the Horn of Africa.

 

“BNCI-MR opened the first branch in Djibouti 1954 and has since opened over 71 branches world wide - today it’s the most respected bank in the Horn of Africa and has contributed greatly to the development of the Horn of Africa,” he said.

 

Somaliland Finance Minister, Hussein Ali Duale (Awil) - who was also present described the event as a milestone for his administration who he said took alot of efforts to make this possible and for Somaliland as a nation.

“The world economy heavy relies on financial institutions that lets them borrow capital and issue them LC without them all businesses are crippled,” he said while addressing the guests.

 

He added that anyone who wants to open a bank in Somaliland is welcome as long as they will meet the country’s standards and terms.

 

Banque pour le Commerce et l’Industrie - Mer Rouge - (BCIMR) - is the largest bank operating in Djibouti with a market share of 45%. It is a subsidiary of the French bank BNP Paribas, which owns 51% of the bank. The Government of Djibouti owns 33%, and a Yemeni bank owns the remaining 16%. Therefore it’s possible this bank will connect Somaliland to Djibouti, Yemen and the French market.

 

This is a great milestone for a nation that is not recognized, now Somaliland businesses will be able to do business directly with the rest of the world. Despite the turbulent market conditions in these times - banks like BCIMR see the potential of Somaliland’s economy.

[Ibtisam]

Oh Wow, you guys have an ATM machine. Now you would understand the concept of giidaarka ayaa lacaag kuu siinaya.

 

When ever we in the west say we have no money to send, I always hear, don't be so stingy, we know iin laacagta giidaarka aad kaa qaadatan!

 

Too bad it was not a SOMALI owned or even one which Somalis have shares in, but never mind.

[Jacaylbaro]

Somalis have big shares in this one .... they've just started to build a 8-floor building in the center of the city .........

 

Very soon,,, i'll be buying things online ,,, IA ,,

[Ibtisam]

@ JB LOOOL Mashallah baan kuu iidi.

 

LOL Don't be so exicted about buying online, you will get jacked and fraud and all sorts LOL You wait and see

[N.O.R.F]

WOW!

 

Goods stuff! Now I don't need to carry my dollars and shillings in four different pockets

[Suldaanka]

Originally posted by J.a.c.a.y.l.b.a.r.o:

Somalis have big shares in this one .... they've just started to build a 8-floor building in the center of the city .........

 

Very soon,,, i'll be buying things online ,,, IA ,,

Good development. The most important thing is the LC letters which is an essential part of doing business in today's globalised world. If they are able to provide LCs that is good enough. The ATM and others is just icing on the cake.

 

Dahabshiil needs to step up his game.

[Jacaylbaro]

Dahabshiil is really worried now coz if those guys come with this kind of business he will loose a lot.

 

Let's see what kind of game he will play ,,,,,

[The Zack]

Jaceylbaro, You can't buy stuff online? Oh man! I thought u were big ebay user lol.

[nuune]

Originally posted by J.a.c.a.y.l.b.a.r.o:

Dahabshiil is really worried now coz if those guys come with this kind of business he will loose a lot.

 

Let's see what kind of game he will play ,,,,,

That is the problem with Somali Business men, they worry alot, it is competetion, get used to it, if you can't offer what the public wants someone else would do it, simple!

[Xaaji Xunjuf]

waleh somaliland way dhaqaaqday maantaynu cash point samaysaney

 

mashallah.

[NGONGE]

Suldaanka,

What was the recent news about dahabshiil?

Up its game I think it did.

[Ibtisam]

^^Faan ka iska taayah.

 

JB, Dahabshil worried eh, when did you become their official spokes person. I hear they are expanding the banking facilities where the money is, the Middle East. In any case their main business is exports, remittance and construction. The banking facilities is just waax koordsi.

 

Nuune, the banking industry is in its infancy in SL, it is like post office account oo kale, there is little money in it, rather its short term storage place for business people with little surplus with small charges. The competition is only useful if the banking system is offering the financial services such as credit, insurance and mortgage which NEED competition to benefit both the bank and consumers and which are long term. But right now, it is the smallest market and really does not need competition at all. I’m glade it is a foreign investment that is taking the gamble of expanding that sector. Somalis attitudes towards the financial system and services have not changed or mordernised, even in the west, Somalis are the most financial excluded from the financial system.

[NGONGE]

^^ According to whom exactly?

Very unlike you to make such statements willy nilly, Ibti.

[Ibtisam]

^^Which part old man??

[nuune]

Ibti, good points, I think Ngonge is pickin up on ur last statement about finanshal