MOGADISHU (SD) – Somalia’s central bank has today awarded mobile money licence to the country’s largest telecommunication provider, Hormuud Telecom.
In a statement, the Central Bank of Somalia said it issued Mobile Money license to Hormuud Telecom under the provision of mobile money service within Somalia.
The EVC-Plus which was launched in 2012 by Hormuud Telcom is currently used by majority of the people in south and central Somalia.
According to the bank, the service will be regulated by the country’s monetary authority.
Abdirahman Mohamed Abdullahi told Reuters in a telephone interview that the move will help for the sector to have corresponding banking relations and integrate with the international financial system.
“We are delighted to announce that the Central Bank of Somalia has issued the first-ever #mobile money license for our EVC Plus service,” the company said in a Twitter post.
Hormuud assured that it will continue to provide critical services to the customers as th company strives towards financial inclusion for the Somali people.
Mobile Money has been widely used in Somalia for two two decades as the country’s old currency is almost disappeared or worn out .
Data from the World Bank shows that mobile money transfer is crucial in Somali’s economic and infrastructure growth with 155 million transactions worth 2.7 billion dollars reported every month.
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