Somalia 🇸🇴 The World First Cashless Society
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2 سال پیش
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Somalia is the world’s first
Somalia is the world’s first cashless society
Somalia's larger digital economy has advanced in astounding ways. The nation is close to becoming the first cashless society in the world, just seven years after installing its first ATM. In order to facilitate payments for citizens nationwide, the Somali Central Bank launched a central banking system in August that links the country's 13 lenders and formalizes digital payments.
With mobile money platforms accounting for even more than two-thirds of all payments in Somalia, there is a sizable untapped market for new infrastructure, applications, payment systems, and fintech — at least for those smart enough to take advantage of first-mover advantage.
Somalis are famous across the world for their commercial acumen. When you combine this with Somalia's young population and its advanced technological adoption, the result is an innovative company, which is precisely what Mogadishu is turning into.
Somalia has been collaborating with international financial organizations including the World Bank, the African Development Bank (AfDB), and the IMF during the past ten years to put important economic reforms into place.
Opportunities for Somalis both domestically and internationally will arise as the banking industry expands. Over 70% of Somalia's 17 million people utilize mobile money services, making the country a global leader in this area. The nationwide payments system will be an economic advantage unlike any other for a country that has previously grappled with widespread counterfeiting.
All are signs of a market that is ready for investments. The winners will be those who see the potential present in the nation that has emerged from the ashes of war. Now is the time for change.
Somalia's larger digital economy has advanced in astounding ways. The nation is close to becoming the first cashless society in the world, just seven years after installing its first ATM. In order to facilitate payments for citizens nationwide, the Somali Central Bank launched a central banking system in August that links the country's 13 lenders and formalizes digital payments.
With mobile money platforms accounting for even more than two-thirds of all payments in Somalia, there is a sizable untapped market for new infrastructure, applications, payment systems, and fintech — at least for those smart enough to take advantage of first-mover advantage.
Somalis are famous across the world for their commercial acumen. When you combine this with Somalia's young population and its advanced technological adoption, the result is an innovative company, which is precisely what Mogadishu is turning into.
Somalia has been collaborating with international financial organizations including the World Bank, the African Development Bank (AfDB), and the IMF during the past ten years to put important economic reforms into place.
Opportunities for Somalis both domestically and internationally will arise as the banking industry expands. Over 70% of Somalia's 17 million people utilize mobile money services, making the country a global leader in this area. The nationwide payments system will be an economic advantage unlike any other for a country that has previously grappled with widespread counterfeiting.
All are signs of a market that is ready for investments. The winners will be those who see the potential present in the nation that has emerged from the ashes of war. Now is the time for change.
2 سال پیش
در تاریخ 1401/06/27 منتشر شده
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