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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