MOGADISHU (Halbeeg News) – Somalia’s central bank on Sunday issued a mobile money service locense to a local bank in Mogadishu.
In a statement, Central Bank of Somalia (CBS) said Somlink, a money money service provider based in the capital.
According to the statement, Somlink would be third company issued with license to operate its mobile money service.
“The @CBSsomalia has today issued a Mobile Money license to @Somlink. This is the #third mobile money service provider to be licensed by CBS since 2021. The license issuance ceremony was attended by the state minister of finance, Mohamoud Hayir Ibrahim, and other dignitaries,” the bank.
Last year, the Central Bank of Somalia awarded the license to the country’s largest telecommunications provider, Hormuud Telecom.
Hormuud runs the Electronic Voucher Card or EVCPlus, a free mobile money service used by 3 million of its 3.6 million subscribers in the Horn of Africa country.
The use and circulation of Somali banknotes has been dwindling due to the absence of central monetary policies.
Little new paper currency has been printed since 1990 when the central government of Somalia was toppled.
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