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The Bank Supervision Department’s mandate as stipulated under Article 4(2) of the Bank of Somaliland Act is to foster liquidity, solvency and proper functioning of a stable market-based financial system. The following are the main functions of Bank Supervision Department: –
Development of legal and regulatory frameworks to foster stability, efficiency and access to financial services. The Department achieves this objective through continuous review of the Bank of Somaliland Act, and the Islamic Banking Act.
Licensing Banks, Foreign Exchange Dealers, Mobile Payment Service providers, Remittance Service providers, Insurance and Takaful businesses and Microfinance Institutions.
Conducting onsite evaluation of the financial condition and compliance with statutory and prudential requirements of institutions licensed under the Bank of Somaliland Act and the Islamic Banking Act.
Conducting offsite surveillance of institutions licensed under the Islamic Banking Act and institutions such as Remittance Service providers, Mobile Payment Service providers and Foreign Exchange Dealers licensed under the Bank of Somaliland Act.
As at 31st December 2018, the Bank Supervision Unit had a staff comprising eight including the director. The department/Unit is divided into three divisions as shown in Chart 2.
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