Hormuud Telecom Obtains GSMA Mobile Money Certification

Hormuud Telecom CEO Ahmed Mohamud Yuusuf said, “Mobile money was first introduced to Somalia just 10 years ago, and the country has come a long way in the past decade. . From the market trader in Mogadishu to the international money transfer company in London, we want to develop a digital economy that every Somali can trust.

“With this GSMA certification, we hope the international community will recognize the world-class safety and security standards on which Hormuud is built,” Yuusuf added.

Already a cornerstone of daily life, mobile money has grown in popularity across Africa since the onset of the pandemic. As Capacity reported that international mobile money transactions grew by 65% ​​in 2020, with a total of US$12.7 billion transferred across borders during the year. In 2021, Kenyans made 1.9 trillion mobile money transactions in the first 11 months, worth over $55 billion.

In 2020, Africell pledged to expand its mobile money platform, AfriMoney, as the company’s CEO unveiled a new growth strategy that will take the operator into new markets and more at MTN l Last year, CEO Ralph Mupita told the FT that his mobile money unit could cost between $5 billion and $6 billion.

EVC Plus is Somalia’s leading mobile money platform and has over three million users, including consumers, MSMEs and humanitarian organisations. In fact, EVC Plus is such an integral part of the Somali economy that Hormuud Telecom even uses it for its own remittances. In 2021, EVC Plus became the first mobile money platform to be backed by the Central Bank

The GSMA accreditation process saw Hormuud assessed for protection of funds, fraud prevention and systems security and data privacy, among other areas. It was scored against eight core principles and nearly 300 different criteria.

Hormuud Telecom joins sixteen other mobile money platforms including Safaricom’s MPESA, Orange Money, Vodaphone MPESA and MTN MOMO in achieving certification. This places Hormuud among the top thirteen out of 157 mobile money providers in Africa for safety and security.

Hormuud Telecom is Somalia’s largest telecommunications provider and largest private sector employer. It was the first Somali company to achieve ISO certification in 2020 and pledged the same year to expand its 4G broadband services nationwide.

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