The diaspora helped create Somalia’s start-up scene, but we must continue to champion them at home
Ahmed Yuusef, CEO of Hormuud Telecom
Somalia’s community extends far beyond the boundaries of its nation. Our vast diaspora network has an estimated two million Somalis living abroad. And despite being far from their homeland, the Somali diaspora maintains strong ties to their nation.
Having briefly left Somalia whilst the civil war unfolded, I understand first-hand the importance of feeling connected to one’s homeland and loved ones. This experience is one of the reasons I lead Hormuud Telecommunications: to connect Somalis with each other, no matter where they are in the world.
An essential part of this connection is through remittances, which historically have been a vital source of Somalia’s resilience. According to the UN diaspora members send approximately $1.6 billion in annual remittances to support their community, equivalent to almost one-third of Somalia’s GDP. Our EVC Plus platform has been a major enabler of cash flow into the country, and I am proud to facilitate this.
But now, as Somalia enters a new chapter in its development, we’re seeing a new trend emerge, increasingly remittances are being used to support tech innovation in the country. The creation of Mogadishu’s first tech hub- iRise was created to help remittance-backed entrepreneurs to tap into new markets.
iRise is an innovation hub that connects entrepreneurs and innovators to collaborate, develop start-ups and create open spaces for idea incubation. One start-up that’s been created is Aamin Ambulance service, Somalia’s first 24-hour ambulance service in Mogadishu that use geospatial information to provide timely aid to emergency victims.
76% of all jobs in our economy result from entrepreneurial activity. With such great minds breathing life into our nation’s economy and solving real social issues, we must continue to encourage remittance-backed business, but also give tech entrepreneurs the tools to thrive at home.
Hormuud regularly hosts events such as the Somali Diaspora Network and supports initiatives such as the Global Somali Diaspora International Conference to create opportunities for diaspora members to network, learn about businesses in Somalia, and collaborate. Alongside Salaam Somali Bank, we’ve also launched our Entrepreneurs Fund, a three-year program aimed to cultivate young entrepreneurs’ potential by giving them start-up capital to convert their business ideas into reality.
The duty to cultivate young entrepreneurs is close to my heart. Hormuud Telecommunications was also founded by a small group of innovators and was supported by our diaspora community. Starting with a small group of shareholders, we now have 12,000 members from the Somali diaspora in the UK, US, and Canada.
We are honoured to facilitate the diaspora’s link to Somalia’s tech entrepreneurs and also champion them at home. By supporting innovation in Somalia, we can continue to build a brighter future for our nation and its people.
