Somalia: Mobile money overtakes cash

Country Views
Somalia: Mobile money overtakes cash
  • Mobile banking is creating a nascent financial system. The number of monthly mobile money transactions made in Somalia now exceeds that of Kenya, a regional pioneer in the sector.
  • Despite efforts to bring service providers within the oversight of the Central Bank of Somalia, risks include little regulation and limited revenue collected.
  • Overall economic growth is being driven by higher private consumption, and strong activity in the telecommunications and financial services sectors.

Florence Eid-Oakden, Ph.D, Chief Economist

Charlene Rahall, Analyst

The Country Views series shines the spotlight on specific developments in MENA countries, analysing them from a local perspective to deliver forward looking views for businesses and investors.

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