Market share of account-to-account (A2A) transactions is expected to increase steadily over the next five years, but the lack of a sustainable income stream for participants put the business case into question. Account-to-Account (A2A) payments enable the direct transfer of … Continued
Somalia’s largely unbanked population could still aid the growth of small and medium enterprises (SMEs) in the country, if they join mobile money service. A new study on Somalia’s business environment says use of mobile money services could plug the … Continued
Giulia Paravicini Kenyan President Uhuru Kenyatta on Tuesday urged Ethiopia to open up its telecoms sector to private mobile money business investors, a move that would complement a process already underway to reform the sector and bring in foreign investment. … Continued
NAIROBI, (Reuters) – Somalia’s central bank awarded on Saturday the country’s first mobile money licence to Mogadishu-based Hormuud Telecom Somalia Inc, a move aimed at formalising the country’s digital payments system and integrating it with the global financial system. Hormuud … Continued
Russell Padmore More than a million dollars may have been stolen by cyber criminals who attacked Uganda’s mobile digital payment system over the weekend, although that has not been confirmed by the telecom companies or banks. Stanbic Bank and the … Continued
Ken Gichinga As the world continued to focus on the unfolding impact of Covid-19 on every aspect of our lives, one important story was quietly developing and almost passed by unnoticed. In the end, it could turn out to be … Continued
By Ali Haji Warsame Historically, money was used to be defined in different contexts with different periods of time. It is commonly used as a store of value. By having money, we get the things we need and desire. The task … Continued
By Frankline Sunday A Safaricom subscriber uses MPESA money transfer platform in Nairobi. [Elvis Ogina/Standard] Mobile money transactions have declined in the wake of new taxes introduced on digital cash transfers and bank charges. Data from the Kenya National Bureau … Continued
Mohammed Ahmed Ismail, a currency exchanger, waits for clients in Somaliland’s capital Hargeisa. PHOTO | COURTESY On the dusty streets of Somaliland’s capital Hargeisa, Mohammed Ahmed Ismail is arranging paper money in his tidy, waiting for clients who wish to … Continued
By Victor Odundo Owuor Residents shop for mobile phone handsets at a shopping center in Mogadishu A recent World Bank report showed that Somalia has one of the most active mobile money markets in the world, outpacing most other countries in Africa. It’s … Continued
NAIROBI, Kenya, – Approximately 155 million mobile money transactions worth US$2.7 billion are conducted in Somalia every month, making it one of the most active mobile money markets in the world. According to a World Bank finding, mobile money has superseded … Continued
BY THILASONI BENJAMIN MUSUKU, World Bank The mobile money market is booming in Somalia. Approximately 155 million transactions, worth $2.7 billion or 36% of gross domestic product (GDP), are recorded every month. Mobile money accounts for a high proportion of money … Continued
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