September 22

Report: Somalis Using Mobile Money More, but Sending Smaller Amounts During COVID-19

Somalis are using mobile money services more but sending smaller amounts of money, according to the country’s biggest mobile operator, Hormuud Telecom.

The telco said that between April and August, its mobile money platform, EVC Plus, has seen the number of month-on-month mobile money transactions increase during the COVID-19 pandemic.

However, even though there was a rise in the total number of transactions, the total value of month-on-month mobile money transactions decreased during the same period. Hormuud Telecom said this shows that there has been “a higher frequency of smaller value monetary exchanges as economic activity both at home and abroad suffered due to coronavirus”.

“Mobile money remains one of the most vital pieces of infrastructure for a functioning Somali economy, and is relied upon by Somali citizens, businesses and aid organisations alike,” Hormuud’s CEO Ahmed Mohamud Yuusuf said in the statement.

Photo courtesy of Hormuud Telecom.

Source: Connecting Africa (link opens in a new window)

Coronavirus, Finance
financial inclusion, telecommunications