Hormuud Telecom, the biggest telecommunication firm in Somalia, has unveiled ambitious plans for mobile money penetration in the country.
The firm indicates that it plans to get to 100 percent penetration in providing mobile money solutions in the Horn of Africa nation.
In the last 10 years, Somalia’s telecommunications industry has grown significantly enough to accommodate around 11 providers.
Consequently, the cost of Internet has fallen considerably to a point where Somalia now boasts of one of the lowest rates in not only Africa but also the entire world.
As one of the main players in the industry, Hormuud plans to increase its penetration by attracting more customers through cost-friendly products and services.
Ahmed Muhamud Yusuf, the firm’s CEO, says mobile money is critical to the development of Somalia post-COVID.
He also acknowledges the role mobile money plays in developing urban and rural communities while empowering the most vulnerable members of the society too.