International Bank of Somalia Leads Somali Banking Developments

The International Bank of Somalia is a pioneering institution in the country's banking sector. It was established in 1973 with the aim of promoting economic development and financial stability in Somalia.

The bank's headquarters is located in Mogadishu, the capital city of Somalia. The International Bank of Somalia has a long history of innovation and has played a crucial role in Somalia's economic growth.

The bank's efforts have led to the development of a modern banking system in Somalia, with a network of branches and services that cater to the needs of individuals, businesses, and government institutions.

International Bank of Somalia clinched the 2018 Bank of the Year Award at the Somali Annual Business Awards (SABA) for its exceptional performance.

The bank's stellar credentials included a 15% growth in 2015, followed by a 40% growth at the end of 2016, showcasing its ability to deliver double-digit growth percentages in a developing economy.

IBS has a robust customer service strategy that aims to increase customer retention and attract new customers from the competition and unbanked community.

The bank's revenue growth maintained a positive upward trend from 2015 to 2017, with a 5% jump in 2017.

International Bank of Somalia (IBS) scooped the 2018 Bank of the Year Award at the Somali Annual Business Awards (SABA) in Mogadishu on January 11, 2018.

The bank's stellar credentials earned it the top spot, outshining other provisionally licensed banks in Somalia. It trumped them all in the race to the top award, where sensitive aspects of banking were put under a microscope.

IBS posted a 15% growth in 2015 and a whopping 40% at the end of the 2016 financial year. This is a remarkable feat for a bank in a developing economy.

The bank's aggressive sales plan, effective marketing campaign, and robust customer service strategies have contributed to its impressive growth. These strategies have ensured higher customer retention and attracted new customers from competition and the unbanked community.

IBS had a smaller number of clients in 2016 when it posted its highest profitability yet, yet it still managed to achieve remarkable results. This shows that the bank's focus on quality over quantity has paid off.

The bank's revenue growth has maintained a positive upward trend over the last three years, with a 5% jump in 2017. This is a testament to the bank's ability to adapt and grow in a rapidly changing economy.

IBS reported an average annual total shareholder return of 14% and 17% in 2016 and 2017, respectively. This indicates that shareholders' value has been enhanced, and their equity is placed in the right business.

The International Bank of Somalia (IBS) has made a significant move in adopting e-Banking module from BML Istisharat, a top core banking and insurance solutions provider.

This partnership is a big deal, especially considering the bank is the first international banking institution in Somalia in over 20 years.

The e-Banking module will enable account management, statements, and transfers for IBS customers.

IBS is also the first bank to partner with Swift to bring global services to Somalia.

The bank has already started using the ICBS system, and this new module will further enhance its services.

BML Istisharat is a well-established company, recognized for its advanced software solutions in the banking, insurance, and manufacturing sectors.

They work with over 300 leading corporations globally, including fortune-500 companies like Citibank and AXA.

This partnership is a testament to IBS's commitment to transparency and modern banking practices in Somalia.

Somali Banking Developments are a major focus for the International Bank of Somalia. The bank has been working to establish a stable and secure financial system in the country.

In 2011, the Somali government passed a new banking law, which aimed to regulate the banking sector and improve financial stability. This law has helped to increase trust in the banking system.

The International Bank of Somalia has been at the forefront of these developments, introducing new technologies and services to improve customer experience. The bank's mobile banking app, for example, allows customers to check their accounts and make transactions using their mobile phones.

The bank has also been working to increase access to financial services in rural areas, where many Somalis live. In 2018, the bank launched a new branch in a rural town, providing much-needed banking services to the local community.

The International Bank of Somalia has made significant progress in recent years, and it's exciting to see the impact that it's having on the Somali economy.