STORY:SOMALIBANKINGGOESINTERNATIONAL

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SOURCE:AU/UNIST
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enquiriestothenewsroom@auunist.org
CREDITREQUIRED:AMISOMPUBLICINFORMATION
LANGUAGE:ENGLISH/SOMALI/NATURALSOUND
DATELINE:NOVEMBER16,2014+FILE/MOGADISHU,SOMALIA

SHOTLIST

MOGADISHU,SOMALIA/NOVEMBER16,2014
1. Wideshot,InternationalBankofSomalia(IBS)building
2. Medshot,IBSflagsandsignage
3. Closeup,IBSsignage
4. Wideshot,viewofIBSbankinghall
5. Medshot,IBSbanneradvertisingtheirproductsandservices
6. Wideshot,customerwalkingtothecounter
7. Medshot,customercountinghismoneyatthecounterbeforemakinga
deposit
8. Closeup,customercountinghismoneyatthecounterbeforemakinga
deposit
9. SOUNDBITE(English)AHMEDHASSANYUSUF,CEO,INTERNATIONAL
BANKOFSOMALIA(IBS):
InIBSweareusinginternationalstandards.Wehaveriskmanagement,
compliance,wehaveantimoneylaunderingsystem,wehavename
screening,wehaveinternalaudit,externalaudit.Wehaveallsortsof
safeguardsthatmakesusconnecttotherestoftheworld.Thatsthereason
IBShasconnectionscorrespondencearoundtheworld,whichmakesthe
moneytransferthroughbankingsystemeasier.Somethingwhichwasnot
availableinthecountry.
10. Medshot,anIBScustomerrelationsassistanthelpinganewclientfillina
form
11. Closeup,clientfillinginform
12. Medshot,IBSstaffkeyingintheclientsdetails
13. SOUNDBITE(English)AHMEDHASSANYUSUF,CEO,INTERNATIONAL
BANKOFSOMALIA(IBS):
TheoperatingcostsinSomaliaareveryhigh,youhavetodoeverythingby
yourselfandthatsachallenge.Theotherchallengeisyouneedtoeducate
peopleonhowthebankingsectorreallyworks,whobenefitsfromthe
bankingsector,sounderstandingbanking,becausepeoplehavetheirown
mentalityofhowbanksworks,sosomeoftheproductsyou'regoingto
introduce,ifyouarenotabletomakeadaptationtothelocalcustoms,there
willbeachallenge.
14. Medshot,anIBSbanktellerplacingmoneyintotheautomatedcounter
15. Closeup,automatedcounter
16. Wideshot,clientandIBSbankstaffwalkingtothecounter
17. Medshot,clientandIBSbankstaffatthecounter
18. Closeup,IBSbanktellerplacingbillsintotheautomatedcounter

19. Medshot,clientatthecounter
20. SOUNDBITE(Somali)ABDINASIRSHEIKAHMED,CUSTOMER:
MostSomalipeopleareusedtothehawalamoneytransfersystem,there
wasnorecognisedbankingsystem.IfImnotwrong,thisisthefirstbank
thatnotonlyoffersmoneytransferservices,butinternationalbanking
servicesaswell.
21. Wideshot,interiorofIBS
22. Wideshot,viewofMogadishustreets

MOGADISHU,SOMALIA/OCTOBER9,2014
23. Wideshot,SalamSomaliBankATMmachine
24. Medshot,SalamSomaliBanksignage
25. Medshot,ClientusingtheATM
26. Closeup,ClientinsertingATMcard
27. Closeup,Clientkeyinginhispincode

MOGADISHU,SOMALIA/NOVEMBER16,2014
28. SOUNDBITE(English)AHMEDHASSANYUSUF,CEO,INTERNATIONAL
BANKOFSOMALIA(IBS):
Somaliasbankingsectorisgoingtogrow.Morebanksarecoming,there
willbemoreregulationsandactorscomingintothescene.Therewillbe
goodnewscomingforexamplestockmarket,associationofbankswillbein
play.
29. Wideshot,Mogadishu

MOGADISHU,SOMALIA/OCTOBER23,2014
30. Wideshot,SahalBankandDahabshiilagentbuilding
31. Closeup,Dahabshiilsignage
32. Medshot,SahalbankSignage
33. Wideshot,moneyexchangermanninghisstall
34. Closeup,moneyexchangercountinghismoney
35. Medshot,moneyexchangercountinghismoney
36. Wideshot,bundlesofSomalimoney
37. Closeup,bundlesofSomalimoney

STORY

ForresidentsofMogadishu,Somaliasseasidecapital,itmustfeellikeanew
buildinghasbeenaddedtotheircityscapeeverytimetheyturntheirheads.

Butthisoneisspecial.ItsthespankingnewpremisesoftheInternationalBankof
Somalia(IBS),thefirstfinancialinstitutionofitskindhere,inovertwodecades.

JustlikemostotherinstitutionsinSomalia,thefinancialsectorcollapsedwhenthe
governmentimplodedin1991.Aplethoraofmoneytransfercompaniesknownas
hawalasspranguptocatertothemillionsofDiasporawhohadfledthecountry,
butneededtoregularlysendfundsbacktothefriendsandfamiliestheyhadleft
behind.

Whiletheyfacilitatedthetransferofover1billionUSdollarsannually,thehawalas
wereconfinedsolelytoincomingtransactionsafterreceivingtheremittance

deposits,duetotheabsenceofacentralgoverningbodyandfiscallegislation.

SomalissecurityforcesassistedbyAfricanUnionpeacekeepershavedrivenoff
extremistgroupAlShabaabfrommosturbancentresinthecountry,thereby
creatinganenablingenvironmentforSomaliasgovernmenttofocusonthe
countryspolitical,socialandeconomicrevival.

Thecentralbankwasreopenedin2009andquicklysetaboutputtinginplacethe
policiesthatallowedShariacompliantIBStoopenitsdoorsinOctoberthisyear.

InIBSweareusinginternationalstandards.Wehaveriskmanagement,
compliance,wehaveantimoneylaunderingsystem,wehavenamescreening,we
haveinternalauditandexternalaudit.Wehaveallsortsofsafeguardsthatmake
usconnecttotherestoftheworld,thatsthereasonIBShasconnections(and)
correspondencearoundtheworld,whichmakesmoneytransferthroughthe
bankingsystemeasier,somethingwhichwasnotavailableinthecountry,saidIBS
CEO,AhmedHassanYusuf.

AhmedHassanisfirsttoadmitthatthereareconsiderablechallenges,suchasthe
entrencheduseofUSdollarsoverthelocalSomalishilling,thehighcostofpower
andbandwidthandthescarcityofqualifiedlocallabor.

TheoperatingcostsinSomaliaareveryhigh,youhavetodoeverythingyourself
andthatsachallenge.Theotherchallengeisyouneedtoeducatepeopleonhow
thebankingsectorreallyworks(and)whobenefitsfromthebankingsector,
becausepeoplehavetheirownmentalityofhowbankswork,sosomeofthe
productsyou'regoingtointroduce,ifyouarenotabletoadapttothelocalcustoms,
therewillbeachallenge,hecontinued.

MostSomalipeopleareusedtothehawalamoneytransfersystem,therewasno
recognisedbankingsystem.IfImnotwrong,thisisthefirstbankthatnotonly
offersmoneytransferservices,butinternationalbankingservicesaswell,added
AbdiNasirSheikAhmed,oneofIBSsfirstcustomers.

AnalystsregularlypointtoSomaliaseconomicpotential.TheresourcerichHornof
AfricanationliesinaregionthattheWorldBanksaysexperienced4.7percent
growthlastyear.Livestock,remittancesandtelecommunicationsformthe
backboneofahealthyinformalsector.Theunprecedentedreturnofdiaspora
Somalislookingtoinvestandthebustlingseaandairportsarealsoencouraging
signsintheabsenceofsubstantiveeconomicstatistics.

TherecentandhighlypublicisedinstallationofthecountrysfirstATMatthe
popularJazeeraHotel,isanothersymbolicandtangibleindicatorthatSomaliais
nowopenforbusiness.

Somaliasbankingsectorisgoingtogrow.Morebanksarecoming,therewillbe
moreregulationsandactorscomingintothescene.Therewillbegoodnews
coming,forexamplethestockmarket,anassociationofbankswillalsobeinplay,
saidAhmedHassan.

SomaliasfinancialplayerslikeAhmedHassanhavebigplansfortheircountry,but

thetruemeasureoftheirsuccesswillbehowprofoundlyandquicklythebenefitsof
theirinitiativeswillbefeltinthebusinessesandlivesoftheirnationsordinary
citizens.

ENDS