Hargeisa — Somaliland President Abdirahman Mohamed Abdillahi (Cirro) on Sunday inaugurated the launch of Wadaag Bank, a new commercial lender expected to expand financial services, stimulate local production and attract investment into Somaliland's growing economy.

The opening ceremony in the capital Hargeisa was attended by senior government officials, leaders of political parties, business executives, representatives of private banks, academics, diaspora members and civil society groups.

Wadaag Bank aims to strengthen Somaliland's financial sector by pooling community resources, supporting local production and reducing poverty, according to its founders. The lender describes itself as "standing at the forefront of the digital frontier," and says it seeks to combine transparency, trust and technology to create a modern banking experience.

President Abdillahi praised the bank's management and shareholders for investing in the country, saying modern financial institutions were key to economic growth, job creation and attracting domestic and foreign capital.

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"Banks are the backbone of the national economy. They drive markets, encourage investment and create opportunities for young people," he said.

Wadaag Bank Chairman Abdirashid Baaxeer urged broad participation, saying: "We welcome everyone living in the country, the diaspora, businesspeople and youth to buy shares in the people's bank, Wadaag Bank."

Officials from Somaliland's central bank, the Chamber of Commerce, the WADDANI and KAAH parties, as well as the ministers of trade and investment, also spoke at the ceremony.

In recent years, Somaliland has prioritized developing its banking sector to attract increased investment and drive economic modernization.