Somalia’s Hormuud Telecom (HorTel) has announced the rollout of the WAAFI mobile money app for its customers across the country. The new app features a range of digital services on one platform, enabling customers to access bank accounts, transfer money, perform online transactions, pay bills, send international remittances, watch videos and make phone calls. Earlier this year, the Central Bank of Somalia (CBS) awarded the country’s first mobile money licence to Hormuud, following months of engagements and consultations with mobile money service providers to establish internationally recognised regulatory frameworks for mobile financial services, as part of a wider reforms and the formalisation of the financial sector by the CBS.
‘Somalia is a unique example of a country where digital adoption is widespread among all age ranges and demographics. We are continuing to see a move towards a position where Somalia can claim to be the world’s first truly cashless economy, and the rollout of WAAFI is an important step on that journey,’ Developing Telecoms quotes Hormuud CEO and Chairman Ahmed Mohammed Yuusuf as saying, adding: ‘Providing businesses and customers with more efficient technology is going to be a driving force behind the development of the Somali economy and its integration with the wider international community.’