Hormuud gets the first ever mobile money license from the central bank of Somalia

[codewebsduh]

We could go the digital way for the Somali shilling and forget about paper money. The central bank can pin it to a value and spread it's use within Somalia.

 

[codewebsduh]

News:

Somalia issues its first mobile money license to Hormuud Telecom

NAIROBI — Somalia’s central bank awarded on Saturday the country’s first mobile money license to Mogadishu-based Hormuud Telecom Somalia Inc, a move aimed at formal…

www.google.com

 

[codewebsduh]

Somalia will be the world's first cashless economy, this will truly place us on the map.

 

[Kingmufasa]

Somalia will be the world's first cashless economy, this will truly place us on the map.

This definetly will make revenue collection more easier, reduce money laundering and hopefully make somalia less corrupt.

 

[codewebsduh]

This definetly will make revenue collection more easier, reduce money laundering and hopefully make somalia less corrupt.

If we begin to limit importing of dollars and begin Id'ing every user of telecommunications we can increase the security of the nation.

 

[Kingmufasa]

Hormuud tried doing that when giving Sim Cards but people were bring lots of forgery IDs. So I'A when we get proper National ID, (which should be soon) it will make it harder for criminals to hide.

 

[Xanibacal bin Barqa]

I heard the government was trying to introduce a biometric national ID program
Any news about that ?

 

[Murax]

Wait though I thought the Gov wouldn’t be working after Feb 8th?

 

[Libaax-Joore]

Wait though I thought the Gov wouldn’t be working after Feb 8th?

 

[kickz]

This would be huge for tax collection considering mobile money moves billions of dollars every month

 

[Ferrari]

To xamar as it'll be ripe for cyber isbaaro.

 

[Xanibacal bin Barqa]

This would be huge for tax collection considering mobile money moves billions of dollars every month

Yup .

Approximately 155 (mobile money) million transactions, worth $2.7 billion, are recorded in Somalia per month, according to a 2018 World Bank report.

 

[Royalflush]

@codewebsduh is this similar to blockchain

 

[codewebsduh]

@codewebsduh is this similar to blockchain

No, It's digital money, similiar to how you use you're banking app but with rapid peer to peer transfer so as to allow purchases throughout the country.

A similiar system is used in China through the Ali baba conglomerate. Telecommunication companies are loaded in Somalia, they have already branched out into farming and other industries.

 

[Hassan Garguute Buldanana]

I heard the government was trying to introduce a biometric national ID program
Any news about that ?

Not needed, each state produces its own ID but is intregtated. A police in xamar can check an id number from Hirdhabelle and vice versa. The only national document is a passport.

 

[Ras]

If we begin to limit importing of dollars and begin Id'ing every user of telecommunications we can increase the security of the nation.

100% but what if it's AS that runs the network?

Hormuud has been known as the biggest Al Shabaab tax payer.

They could be compromised all the way to the top.

 

[Ras]