Payments/SO
Somalia
ISO SO · 3 schemes
Summary
- EVC Plus dominant (67% Somalis use)
- WAAFI first mobile money app with QR
- Tap and Go contactless (2024)
- Bank interoperability launched 2024
- 95% counterfeit currency drives digital
Banking landscape
Central Bank
- Name: Central Bank of Somalia (CBS)
- Website: https://centralbank.gov.so/
- Role: Monetary policy, payment oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Salaam Somali Bank | Local | WAAFI integration |
| 2 | Dahabshiil Bank | Local | Dahabshiil App |
| 3 | Premier Bank | Local | Premier Mobile |
| 4 | Amal Bank | Local | Amal App |
| 5 | IBS Bank | Local | IBS Mobile |
Market Structure
- Hormuud: Telecom leader
- EVC Plus: 67% population usage
- Free at point of use: No fees
- 37%: Have mobile accounts
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| EVC Plus | Hormuud | Mobile money | Dominant |
| WAAFI | Hormuud | App + QR | Active |
| Bank Interop | Multiple | Cross-platform | 2024 |
| Tap and Go | Mastercard | Contactless | 2024 |
EVC Plus History
- Launched 2011 (first in Somalia)
- Digital wallet function
- Goods/services purchase
- Free at point of use
- 67% population coverage
2024 Innovations
- WAAFI app with QR
- Bank interoperability
- Tap and Go contactless
- 5G network launched
QR code standards
WAAFI QR Payments
| Attribute | Value |
|---|---|
| Launch | 2024 |
| Provider | Hormuud |
| Feature | QR code generation |
| Type | Merchant + bank |
WAAFI QR Features
- Business QR code generation
- Direct bank account credit
- Contactless transactions
- EVC Plus wallet access
- Bank deposits/withdrawals
Merchant QR
- Businesses generate codes
- Customers scan to pay
- Direct digital payments
- No cash required
- Instant processing
Tap and Go (2024)
- Mastercard partnership
- Paymentology technology
- Salaam Somali Bank
- First contactless in Somalia
- Combined with QR option
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| WAAFI | Hormuud | Yes | Full platform |
| EVC Plus | Hormuud | USSD | Dominant wallet |
| Bank Apps | Various | Limited | Integrated |
WAAFI Features
- First indigenous mobile money app
- QR code generation
- Bank account access
- EVC Plus integration
- Multi-service platform
EVC Plus Features
- Digital wallet
- Purchase goods/services
- Money transfer
- Free at point of use
- USSD access
Bank Interoperability (2024)
- Seamless bank-wallet payments
- First time in Somalia
- Deposits via EVC Plus
- Money transfers enabled
- Basic banking functions
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| EVC Plus | Mobile money | USSD/App | 67% | evc-plus |
| WAAFI QR | Mobile QR | App | 2024 | waafi-qr |
| Tap and Go | Contactless | NFC | 2024 | — |
Sources
- Wikipedia - Hormuud Telecom
- Developing Telecoms - WAAFI Launch
- Connecting Africa - WAAFI Launch
- Capacity Media - Hormuud Firsts
- TransFi - Somalia Payment Rails
- Hormuud - EVC Plus
- WorldRemit - Somalia
- Communications Africa - WAAFI