Somalis changed the face of money transfers worldwide
Somalia’s money transfer market is one of the most developed in the world, characterized by a large diaspora sending billions of dollars home in remittances each year and a local population that prefers mobile money to cash.
Latest data from the World Bank in 2017 suggests that 73% of the population above the age of 16 use mobile money services—making Somalia one of the most dynamic markets in Africa and worldwide.
Despite only being introduced 10 years ago, over two thirds of all payments in Somalia now rely on mobile money platforms.
Although Hormuud, Somalia’s leading mobile money provider, only received GSMA Mobile Money Certification in March, a global standard of telecoms excellence, the country has changed the face of money transfers worldwide for decades.
The major factors behind the country’s innovation in money transfers are a tough operating environment, a weak banking system, lack of policy implementation, and deep distrust of government and the local currency.
With Hormuud, Somalia's leading mobile money provider, having recently received GSMA Mobile Money Certification, recently, this article explores how Somalia has changed the face of money transfers worldwide.