OUR HISTORY
Incorporation
IBS Bank was incorporated in July 2013 and is licensed by the Central Bank of Somalia (CBS). The first international bank, which adheres international standards to be registered.
Inception
The bank had its opening ceremony in October 2014. Since its inception, the bank has adhered to a strict and rigorous bio-metric KYC system.
IBS became the first bank in Somalia to offer international SWIFT transfers through the establishment of correspondent banks around the world.
IBS became the first bank in Somalia to offer international SWIFT transfers through the establishment of correspondent banks around the world.
Launched Microfinance Program
The bank launched a Microcredit program for Small businesses. To date the program has processed over 1,000 applications. The program had profound, positive, and measurable impact on the beneficiaries, expanded their business, and enhanced their standard of living.
Partnership with International Labor Organization (ILO) and awarded best emerging bank of the year
Together, ILO and IBS designed financial services and banking products targeting women entrepreneurs. With the successful implementation of the program, ILO allocated additional funding for expansion of this project in other regions of Somalia
Awarded Best Bank of the year
IBS won the SABA award for the second time in 2017. This award is an initiative of the Somali Investor Magazine consortium to motivate Somali businesses to realize their potential.
Launched Corporate and Retail online banking
IBS bank has launched an online banking platform with world class security standard and unique features such as automated SWIFT transfers.
Successful launch of Mastercard and VISA
Licensed by the Central Bank of Somaliland and started its first operations in Hargeisa.