Somalia according to a World Bank report has become a continental leader in the African mobile money industry with a domestic market worth $32 billion.
The report states that on a monthly basis, approximately 155 million transactions, worth $2.7 billion, are recorded. Mobile money has eclipsed the use of cash in Somalia, with over 70% of adult Somalis using mobile money services regularly to pay their bills, buy online and receive salaries.
This presents major opportunities for the country’s financial system. One ICT specialist at the World Bank, Tim Kelly, Lead ICT policy goes even further and states that the “Private sector actors have given Somalia a unique opportunity to leapfrog towards widespread financial inclusion.”
Somalia has one of the most robust and fastest growing Telecommunication Industries in Africa, and has recently set up the National Communications Authority (NCA), tasked with regulating the country’s telecommunication sector and develop it even further.