World Bank has revealed that Somalia approximately conducts over 155 million mobile money transactions worth US$2.7 billion (Ksh270 billion) every month, making it one of the most active mobile money markets in the world.
According to the word Bank report, over 70 percent of adult Somalis use mobile money services regularly despite a lack of robust consumer protection and know-your-customer requirements.
Lead ICT policy specialist at the World Bank Tim Kelly says private sector actors have given Somalia a unique opportunity to leapfrog towards widespread financial inclusion.
“World Bank will continue to support the partnership between the Central Bank of Somalia, the National Communications Authority and the key private sector actors as they deliberate on an appropriate regulatory framework for the sector,” Kelly said.
Central Bank of Kenya (CBK) numbers between April 2017 and March 2018 indicated that there was an increase in mobile money transactions by Sh219 billion from Sh3.48 trillion in a similar period a year earlier.
The payments in the period were equivalent to nearly half of Kenya’s national wealth which stood at Sh7.75 trillion last December.
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