Browsing: Shari’ah compliant banking

Somalia banking sector playing catch up with mobile money

Somalia has proven its resilience and it is now one of the most active mobile money markets in the world.

The country of 14 million people is overtaking most other African countries, even superseding the use of cash in regular transactions.

Convenience and safety are some of the reasons why mobile money has been so successful in Somalia.

The same, however, cannot be said of the banking sector since Somalia lacked a strong formal banking system for long.

As of 2018, an estimated 15 per cent of the population had a bank account. Despite this, mobile money has helped to expand financial inclusion, especially for vulnerable groups.

To overcome this challenge, Sombank has selected banking software company, Temenos Islamic Banking, to create innovative financial products to help with the country’s economic growth, leveraging the market-leading capabilities of Temenos Infinity and Temenos …