What Hormuud’s GSMA Mobile Money Certification Means for Somalia
By Ahmed Mohamed Yusuf
Built by Somalis, for Somalis, Hormuud Telecom’s driving force has always been to improve the lives of the people we serve. That’s why we introduced mobile money to the Somali economy a decade ago, knowing that it would foster an inclusive economic environment, and pave the way for innovators and entrepreneurs.
Hormuud’s mobile money platform, EVC Plus, had to be free at the point of use. And to this day, it still is. In a market where 95% of the Somali Shilling is counterfeit, we’ve contributed towards creating a financial ecosystem where money stays within the economy and contributes toward economic growth.
Now, two-thirds of Somalis use mobile money every day and we stand on edge of becoming the world’s first cashless society. As the backbone of the economy, it is crucial that our customers, partners, and shareholders can trust in mobile money’s safety in security.
So, I am proud to announce that Hormuud Telecoms has been awarded Somalia’s first Mobile Money Certification by the global mobile network operators’ industry body, GSMA. EVC Plus, is now recognised as meeting the international gold standard for resilient financial service best practices.
When we reach these milestones, I often reflect on Hormuud’s humble beginnings. As the son of a camel herder, I’ve always been passionate about ensuring that my country and my community reach their potential. From the market vendors in downtown Mogadishu to our incredibly important diaspora, our aim is to provide access to the Somali economy for all Somalis wherever they may be.
The award places Hormuud Telecom in the top 13 of 157 mobile money providers in Africa for safety and security. A huge testament to the time, effort, and energy my team has put into developing EVC Plus.
Considering the current famine is getting worse, I hope that the guarantee of the security of funds will encourage more international relief donations to Somalia.
With the GSMA certification, we hope that the international community recognises the world-class standards of safety and security that Hormuud is built on. We hope that it encourages greater engagement with what I know to be one of the most dynamic, resilient, and innovative economies.
GSMA sets the standard when it comes to mobile money regulation, but we will not stop here. Hormuud Telecoms will always strive to continuously improve, expand our offering, and lift up our community. Whether it be through expanding nationwide 4G access or introducing new products to market, we know that Somalia is on an upwards trajectory, and our mission will always be to drive Somalia forward.
