Hormuud Telecom (HorTel), Somalia’s largest telecommunications operator has launched the WAAFI mobile money app, the country’s first mobile payments platform.
The roll-out of WAAFI mobile money app follows months of engagements and consultations between the Central Bank of Somalia (CBS) and mobile money service providers to establish internationally recognised regulatory frameworks for mobile financial services.
The WAAFI mobile money app features a range of digital services on one platform, enabling customers to access bank accounts, transfer money, perform online transactions, pay bills, send international remittances, watch videos and make phone calls.
By launching WAAFI, Hormuud Telecom aims to recreate the success mobile platforms have seen in neighbouring countries. It also hopes the app will serve as an enabler for new value chains and business models.
Commenting on the launch, Hormuud CEO and Chairman Ahmed Mohammed Yuusuf said: “Somalia is a unique example of a country where digital adoption is widespread among all age ranges and demographics. We are continuing to see a move towards a position where Somalia can claim to be the world’s first truly cashless economy, and the roll out of WAAFI is an important step on that journey.”
“Providing businesses and customers with more efficient technology is going to be a driving force behind the development of the Somali economy and its integration with the wider international community.”
Hormuud Telecom were awarded the first mobile money licence in Somalia in February 2021. The company has over 3.6 million subscribers in the country.