Necessity the Mother of Invention Led Somalis to Changed the Face of Money Transfers Worldwide

Somalis to Changed the Face of Money Transfers Worldwide
Mobile money boom among Somalis

Somalilandsun: The Somali money transfer market is one of the most developed in the world, characterized by a large diaspora sending billions of dollars home in remittances each year and a local population that prefers mobile money to cash.

Latest data from the World Bank in 2017 suggests that 73% of the population above the age of 16 use mobile money services—making Somalia one of the most dynamic markets in Africa and worldwide.

Despite only being introduced 10 years ago, over two thirds of all payments in Somalia  Somaliland and among other somali speakers now rely on mobile money platforms.

The first innovation was the early adoption of the hawala money transfer system, which originated in 8th century India and spread to the Horn of Africa and the Middle East. The service allows users to send and receive money in different countries through an informal network of brokers, without any funds crossing borders.

Continue reading Somalis changed the face of money transfers worldwide