The banking sector was active, in Mogadishu especially, but also in Bosaso. Because there is no official currency, the banks play little role in formal exchanges from dollars to local shillings. Instead, they deal largely in U.S. dollars. Working mostly through telecommunications facilities, the banking transfers, loans, and letters of credit are facilitated through intermediary banks, usually in the Gulf. Telephone and communication systems are operating, as well as computers.
Somali communications are among the most efficient and inexpensive in Africa.
The technology is fully satellite-based and allows instant contact with any part of the world. It works through the U.S. communications company ITT and employs 350 people. Another firm, Somali Telecommunications, has 1,000 private phones installed in and around Mogadishu and handles about 5,000 outgoing calls daily. Rates are competitive, largely because of the intense competition among several suppliers of communications services. Fuel is available as long as one can pay.