Wednesday, April 24, 2024
No menu items!

Top 5 This Week

bama cap

Related Posts

Central Bank Of Somalia Has Awarded The First Mobile Money License To A Telecom Company

Central Bank of Somalia has awarded the first mobile money license to a telecom company.

The Horn of Africa has finally joined the rest of Africa in integrating a mobile money payment system. The company that was awarded the mobile money license is known as Hormuud Telecom which is also the country’s largest telecom service provider that operates electronic voucher cards.

The CBS governor issued a statement and said:

- Ad -

“The Central Bank of Somalia issued today Mobile Money license to Hormuud Telecom under the provision of mobile money service within the Federal Republic of Somalia,”

“In formalizing our existing digital payments infrastructure, we are accelerating the integration of Somalia’s financial system into the global economy,” Mohamed added.

- Ad-

Currently the mobile money service has 3 million subscribers in Somalia.

Somalia has been trying to grow financially and also find a way of ensuring that there’s financial inclusion consumer protection and financial stability. The World Bank recorded transactions worth 2.7 billion US dollars in Somalia in 2018.

- Ad -
Vanessa Waithera
Vanessa Waithera
Vanessa Waithera is a young writer from Daystar University. She has been a writer for 7 years and enjoys it as a hobby and passion. During her free time she enjoys nature walks, discoveries ,reading and takes pleasure in new challenges and experiences. Contact: [email protected]

Popular Articles