Somali Bank Becomes First Lender to Handle Foreign Transactions

International Bank of Somalia became the first lender in the Horn of Africa nation to handle foreign transactions, the latest sign that the country is stabilizing after decades of conflict, Chairman Hassan Ahmed Yusuf said.

The bank, run from a two-story building in the capital, Mogadishu, obtained a so-called Swift code that enables lenders to carry out international money transfers, Yusuf said at a ceremony to mark the official start of operations on Oct. 11. IBS is taking advantage of increased stability in the city after the success of African Union-backed Somali government forces against al-Qaeda-linked Al-Shabaab militants, he said.