A successful entrepreneur with a background in finance, Garad Nor serves as the chief executive officer of Tawakal Express in Minneapolis, Minnesota. Garad Nor oversees the operations and development of the company’s three significant remittance services including eTawakal, T-Plus, and Banana Pay. The company has been granted full commercial banking license from the Central Bank of Somalia (CBS).
Under the Financial Institution Law No. 130, a bank can be licensed to operate banking transactions either in Somalia or abroad, from within Somalia. The application for a license starts with a consultation with the central bank. An applicant must meet all statutory requirements administered by the bank including financial capability, professional competency, legal compliance, and public service.
In terms of investment capital, CBS requires a minimum principal amount of $5 million. Lastly, an applicant is required to submit a business plan that provides detailed information about the business, services offered, organizational structure, financial projections, capital and solvency, risk management, and legal and regulatory compliance procedures.
Along with the memorandum and articles of incorporation, the application must be submitted to the Central Bank of Somalia in writing by or on behalf of the applicant. More information on the licensing procedure are available at centralbank.gov.so.
