Inspiring Africa's Sustainable Business Growth
SOMALIA – Central Bank of Somalia has announced that it had awarded licences to two foreign banks as the troubled Horn of Africa nation opens up the industry to international lenders. State-owned Banque Misr of Egypt and Turkey’s Ziraat Katilim will become the first international banks to operate in the country. “The application of both banks underwent months of an…
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SOMALIA – Salaam Somali Bank, the first privately-owned bank in Somalia, has announced plans to inject US$4 million into the country’s economy between 2022 and 2024 through specialist, zero-interest micro-loans to Somalia’s best and brightest entrepreneurs. The announcement, delivered at the annual Mogadishu Tech Summit was made in front of the country’s leading policymakers, ministers, and private professionals, alongside an…
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SOMALIA – As part of continued efforts to expand access to the digital economy and drive financial inclusion in Somalia, MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia. The new physical card is a first for MyBank in the country and will enable consumers to transact in-store…
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SOMALIA – To facilitate cross-border trade and provide more transparent trade information for businesses, Somalia’s Ministry of Commerce and Industry, supported by IFC, today launched a trade information portal to lower costs and simplify trade procedures for Somali importers and exporters. The portal provides a single source for all cross-border trade information and over 90 laws, regulations, procedures, and other…
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SOMALIA – Hormuud Telecom, Somalia’s largest telecommunications services provider, has announced plans to extend its 4G phone network across the country as it aims to provide nationwide coverage by 2023. Hormuud began expanding its 4G network capacity in 2015 in partnership with the Somalia Ministry of Telecommunications, which estimates that across the country, over 11.25 million Somalis, representing 70% of…
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SOMALIA – Telecommunication company Hormuud Telecom, has launched the country’s first native mobile money app, WAAFI. The mobile money app will be available to customers across the country, providing access to a variety of digital resources and allow citizens to make in-country bank transfers using their phones, which is a first in Somalia. “Somalia is a one-of-a-kind example of a…
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SOMALILAND – Somtel Telecommunication, a subsidiary of the UAE-based Dahabshiil Group, has begun its initial public offering (IPO), with interested parties able to acquire a minimum of 20 shares for US$100 apiece as it seeks for a greater ability to grow and expand in the Horn of Africa, as well as create more jobs. Somtel, is a leading telecom and internet…
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SOMALIA – The Central Bank of Somalia (CBS) has awarded the first mobile money licence to a telecom company as the Horn of African nation seeks to integrate its payment systems with the global financial ecosystem. The country’s top bank said it issued a mobile money licence to Hormuud Telecom, the country’s largest telecom service provider to operate electronic voucher…
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SOMALIA – Africa Enterprise Challenge Fund (AECF) has unveiled a US$ 8.5 million grant facility to support clean energy businesses – adoption and diversification of renewable energy in Somalia. The grant is a component of the REACT Sub-Saharan program which is aimed at reducing poverty by increasing the use of renewable energy by off-grid households. The World Bank Sustainable Development…
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EAST AFRICA – The World Bank has appointed Mr. Keith Hansen as the new Country Director for Kenya, Rwanda, Somalia and Uganda, with effect from September 8, 2020. Mr. Hansen, who has over 30 years of experience in development practice, will lead an active multi-country portfolio consisting of over 100 projects totalling more than US$13 billion. Under the new regional…
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