MyBank

What MyBank does

MyBank LTD is a privately held Somali banking institution headquartered in Mogadishu, founded in 2018 and operating with 251-500 employees. It provides formal banking services in a market characterized by historically low financial inclusion, serving individual consumers, small and medium enterprises, and the Somali diaspora through four integrated product lines: Personal Banking (savings and current accounts, including Sharia-compliant options), Business Banking (SME solutions, corporate accounts, and business loans), Mobile Banking (an iOS/Android application for 24/7 account management, transfers, and bill payments), and Diaspora Banking Services (cross-border remittances for Somalis abroad).

The bank's underlying technology stack is described as a mobile banking application paired with a single physical branch in Mogadishu; no proprietary AI/ML, API, or ecosystem integration is disclosed. Distribution relies on direct-to-consumer channels — in-branch visits, telephone contact at a single listed number, the mybank.so website, and the mobile app — with no disclosed partnerships, integrations, or third-party distribution agreements.

MyBank generates revenue through three primary streams: interest income from personal, business, and SME lending; transaction fees and profit-sharing arrangements from Islamic banking products; and transaction fees plus foreign-exchange margins from diaspora remittances. Specific pricing, account fees, and interest rates are not publicly disclosed. Ownership structure, leadership team, funding history, and audited financial results are not provided in the available data, leaving the bank as a privately held institution with opaque governance and capital structure.

Name

MyBank

Legal name

MyBank LTD

Website

https://mybank.so

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

MyBank LTD is a privately held Somali bank headquartered in Mogadishu, offering personal, SME, Sharia-compliant, mobile, and diaspora remittance banking services across Somalia via a physical branch and a mobile app.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Retail banking services
• Islamic banking
• Mobile banking
• Diaspora remittances
• SME lending

Headquarters

HQ city

Mogadishu

HQ country

Somalia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income: Earnings from personal and business loans, including SME financing and corporate lending services.
2. Islamic Banking Services: Sharia-compliant banking products generating revenue through profit-sharing arrangements and Islamic finance instruments.
3. Diaspora Remittance Services: Money transfer services for Somalis abroad, generating revenue through transaction fees and exchange rate margins.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

MyBank provides retail and commercial banking services in Somalia through a physical Mogadishu branch and a mobile banking app. Its core offerings include personal savings and current accounts (including Sharia-compliant Islamic accounts), SME and corporate banking accounts and loans, 24/7 mobile banking for transfers and bill payments, and specialized diaspora remittance services for Somalis abroad.

Product overview

MyBank Somalia is a premier banking institution in Somalia offering a unified suite of banking services through four integrated product lines. The core offerings include Personal Banking (savings and current accounts with Islamic banking compliance) and Business Banking (SME solutions, corporate accounts, and business loans) for domestic customers, supplemented by Mobile Banking for digital account management and Diaspora Banking Services enabling international money transfers for Somalis abroad. The four products work together to serve individuals, businesses, and the diaspora community across Somalia.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking Somalia Retail banking accounts for individual residents of Somalia, including savings accounts and current accounts with competitive interest rates and Sharia-compliant / Islamic banking compliant services.
• Business Banking Mogadishu SME banking solutions, corporate accounts, and business loans designed to support growth for Somali companies operating in Mogadishu and throughout Somalia.
• Mobile Banking Somalia Secure mobile banking application for iOS and Android enabling account management, money transfers, and bill payments available 24/7 for customers throughout Somalia.
• Diaspora Banking Services Specialized banking service enabling Somalis living abroad to send money to Somalia quickly and securely with competitive exchange rates and low fees.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Expansion highlights4 records

Regional players

• Sendwave: Sendwave is a mobile-first remittance app focused on African corridors including Somalia, providing direct competition to MyBank's diaspora transfer value proposition for end customers abroad.
• WorldRemit: WorldRemit is a global digital remittance platform with Somalia among its key African corridors, competing with MyBank's Diaspora Banking Services for international money transfer customers globally.

Direct peers

• Salaam Somali Bank: Salaam Somali Bank is a Shariah-compliant bank operating in Somalia, directly overlapping with MyBank's Islamic retail and SME banking offerings and competing for the same Muslim customer base seeking compliant products.
• Dahabshiil: Dahabshiil is Somalia's largest remittance and money transfer network, directly competing with MyBank's diaspora banking services on inbound transfer volume, FX margins, and transaction fees.
• EVC Plus (Hormuud Telecom): EVC Plus is Somalia's leading mobile money platform operated by Hormuud Telecom, competing with MyBank's mobile app for digital transfers, bill payments, and person-to-person payments across the same customer base.
• Premier Bank Somalia: Premier Bank is one of Somalia's leading private banks, offering retail, corporate, and mobile banking services directly competitive with MyBank across the same customer segments in Mogadishu and beyond.
• IBS Bank Somalia: IBS Bank is a Somali commercial bank providing personal, corporate, and digital banking services, serving as a direct in-market competitor to MyBank across retail and SME segments.

Emerging players

• Amal Bank: Amal Bank is a smaller Somali bank offering personal and business banking services, representing an emerging in-country competitor with similar retail and SME focus to MyBank.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/MyBankLTD
• Facebookfacebook.com/MyBankLTD
• LinkedInlinkedin.com/company/mybankltd

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MyBank