Kenya’s Rapid Communications has acquired a 16% shareholding in Somalia’s GSM operator, Nationlink telecom to allow the mass market in Somalia to access various banking products virtually through the mobile phone.
Rapid communications has also acquired a license for banking services and is expected to take advantage of Somali remittance business estimated to be over $2 billion annualy.
Rapid Communications Chief Executive Officer, Mr. Anwar Hussein, said Rapid Intends to tap into its network of over 5000 outlets in Europe, Middle East and the US offering diaspora market remitance and banking products.
“With the success of mobile banking in Kenya, Rapid Communications hopes to replicate the same services to the masses in Somalia”. Said Mr. Anwar
The deal will see Somalia benefit from expertise of mobile banking and remittances solutions already successful in Kenya. The service will run on the back of E-mal mobile wallet solution currently deployed in Somalia. Rapid communications currently manages the content management system (CMS) platform for Nationlink telecom.
“We are using Kenya as a success case study on mobile banking, to implement the same in the ready Somalia market. We are relying on Rapid to make mobile banking a success in Somalia” Said Mr. Ido, The President/CEO of Nationlink Somalia.