July 29

Report: Somalia’s Mobile Money Penetration High, Data Costs Lowest In Africa

By Vanessa Murrey

Hormuud telecoms, one of the largest telecommunication companies in Somalia, has revealed its aim to reach 100 per cent of the population with its mobile money financial solution.

Over the last 10 years, the telecommunications industry in Somali has grown substantially to accommodate about 11 different providers in the market. Due to the healthy competition, the average cost of 1GB data bundles have fallen to the lowest levels in Africa and the Middle East.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.

Source: Kahawa Tungu (link opens in a new window)

Finance, Technology
data, digital finance, financial inclusion, fintech, telecommunications