Somalia Central Bank Now In Control Of Mobile Banking As Hormud Receives Licence After 10, Years In Operation

February ” 27″ 2021″ MUGDISHU

The central bank of Somalia has awarded Somalia’s telecommunication giant Hormuud Telecom the country’s first mobile money license.

“In formalizing our existing digital payments infrastructure, we are accelerating the integration of Somalia’s financial system into the global economy,” Abdirahman Mohamed Abdullahi said in ac statement.

In a statement posted on its official Twitter, Hormuud Telecom said it will continue to provide critical services to the customers towards financial inclusion for the Somali people.

”We are delighted to announce that the Central Bank of Somalia has issued the first-ever mobile money license for our EVC Plus service,” Hormuud said in a tweet.RELATED POSTS

According to the World Bank report of 2018, an estimated 155 million mobile money transactions amounting to about $2.7 billion a month take place in Somalia.

Hormuud Telecom has almost 4 million subscribers in Somalia in a country where roughly 3 million of the population use mobile money.

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