Hormuud Telecom obtains first mobile money license in Somalia

Somalia’s central bank awarded the country’s first mobile money license to Mogadishu-based Hormuud Telecom Somalia Inc, a move intended at developing the country’s digital payments system and integrating it with the global financial system.

Hormuud Telecom has approximately 3.6 million subscribers in Somalia, a country of more than 15 million people, and roughly 3 million people use its mobile money platform EVC Plus.

By granting Hormuud the license, EVC Plus will now be subject to central bank regulation, which should improve confidence in the country’s mobile money system, the governor of the monetary authority said in a statement.

The Chief Executive of Hormuud Telecom, Ahmed Mohamud Yuusuf, said, “The news today cements what we’ve known for a long time, that Somalia is moving towards being the world’s first truly cashless economy.”