• Latest
  • Trending
Hormuud Telecom partners with MyBank and Agro Bank to boost mobile money integration

Hormuud Telecom partners with MyBank and Agro Bank to boost mobile money integration

October 22, 2024
One bad update: How an AWS error crippled the web

One bad update: How an AWS error crippled the web

October 22, 2025
YouTube gives creators tool to detect unauthorised likeness use

YouTube gives creators tool to detect unauthorised likeness use

October 22, 2025
GSMA MWC25: Tech experts chart course for Africa’s digital future 

GSMA MWC25: Tech experts chart course for Africa’s digital future 

October 22, 2025
FCPR venture capital

Algeria startup ecosystem 2025: Reforms driving tech innovation and growth

October 22, 2025
Oromia Bank launches Milkii digital lending campaign to boost financial inclusion

Oromia Bank launches Milkii digital lending campaign to boost financial inclusion

October 22, 2025
BlacVolta launches Visa Lifestyle Card, App for Ghanaian users

BlacVolta launches Visa Lifestyle Card, App for Ghanaian users

October 22, 2025
X/Twitter will remove Circles by Oct. 31

X to open marketplace for selling inactive usernames

October 22, 2025
Spotify users can now follow venues for concert updates

Spotify users can now follow venues for concert updates

October 22, 2025
Why African financial institutions must issue local stablecoins – Expert

Why African financial institutions must issue local stablecoins – Expert

October 22, 2025
How Visa’s stablecoin pilot could reshape cross-border payments in Africa

How Visa’s stablecoin pilot could reshape cross-border payments in Africa

October 22, 2025
Tether invests in Kotani Pay to boost Africa’s digital finance growth

Tether invests in Kotani Pay to boost Africa’s digital finance growth

October 21, 2025
Nigeria’s president urges judiciary to embrace crypto literacy

Nigeria’s president urges judiciary to embrace crypto literacy

October 21, 2025
Techpression
Advertisement
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
Wednesday, October 22, 2025
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Technology Telecommunication

Hormuud Telecom partners with MyBank and Agro Bank to boost mobile money integration

Ibukunoluwa Bankole by Ibukunoluwa Bankole
October 22, 2024
in Telecommunication
144 7
0
Hormuud Telecom partners with MyBank and Agro Bank to boost mobile money integration

Hormuud Telecom partners with MyBank and Agro Bank to boost mobile money integration

468
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Somali telecoms and mobile money operator Hormuud Telecom has announced partnerships with MyBank and AgroBank to enhance interoperability with its EVC Plus mobile money platform. The new partnerships will enable seamless integration between EVC Plus and the banking services offered by MyBank and Agro Bank.

EVC Plus is Somalia’s largest mobile money platform, serving a country where digital money services are crucial. Local data indicates that over 70 percent of Somalis use mobile money accounts, while only about 15 percent have traditional bank accounts.

The announcement came during Hormuud Telecom’s annual Somali Success Stories Conference in Mogadishu last week. The conference was attended by government dignitaries, including the Somali Prime Minister Hamza Abdi Barre and the Minister of Communications and Technology, Jama Hassan Khalif, alongside other business leaders.

Read also: Nigerian government proposes 5% tax on telecom, betting and gaming services

RelatedPosts

No Content Available
Load More

Hormuud noted that the banking partnerships aim to connect Somalia’s mobile money network with formal banking systems, contributing to a more inclusive, accessible, and efficient financial ecosystem.

Somalia’s financial sector digital transformation

These partnerships coincide with ongoing changes in Somalia’s financial services sector, following the Central Bank’s launch of the National Payment System (NPS) in 2021. The NPS facilitates integration between banks and mobile money providers, enabling real-time, secure transactions.

With this financial infrastructure, Hormuud, Agro Bank, and MyBank will allow users transfer funds seamlessly between mobile wallets and bank accounts.

“Somalia’s fintech sector is dynamic, rapidly growing, and poised to drive our nation’s economic growth. Its progress will ensure every Somali has access to essential financial tools, no matter where they are,” said Somalia’s Prime Minister Hamza Abdi Barre.

He added, “The government is fully committed to creating a supportive environment that fosters innovation, strengthens partnerships, and enhances financial security for all.”

EVC Plus expands banking functionalities

With these integrations, EVC Plus users can access core banking functions and interact directly with MyBank and Agro Bank customers via mobile phones.

“This type of interoperability is particularly valuable in underserved rural areas, where bank branches are scarce, but mobile phone usage is widespread,” Hormuud Telecom said.

Somalia’s growing fintech sector

Somalia’s fintech ecosystem has been growing rapidly, driven by innovations in mobile money. According to the Somali Central Bank, over 650 million mobile money transactions occur annually, totalling $8 billion. However, mobile money and banking systems have historically operated separately, limiting users’ full engagement with the financial system.

Hormuud Telecom’s CEO Ahmed Yusef described the partnerships as a significant advancement in Somalia’s financial evolution. “By further integrating mobile money with formal banking services, we’re turning financial exclusion into opportunity. Small businesses can access credit, aid beneficiaries can build financial histories, and cross-border transactions become easier for everyone. This is an important step towards a fully interconnected financial system in Somalia,” Yusef said.

Hormuud believes that creating interoperability within Somalia’s financial sector will boost participation in the formal economy, strengthen the fintech industry, and support new services like mobile loans, savings accounts, and investment opportunities. The company has plans  to expand the integrated system to all 13 commercial banks in Somalia by 2025.

Read also: MTN Nigeria introduces paper-based SIMs to protect environment

Addressing the fintech sector talent shortage

During the conference, data from the Somali Research Association underscored the rapid expansion of the fintech sector in Somalia. The sector currently employs between 7,000 and 10,000 people, and job growth is projected to rise by 15 percent to 20 percent by 2027. Despite this growth, the sector faces a talent shortage, with 55 per cent of startups and 43 per cent of established companies struggling to find qualified candidates for fintech roles.

Hormuud Telecom, Somalia’s leading telecommunications and mobile money provider, serves over 4 million subscribers. It received the country’s first mobile money license in March 2021, followed by its first spectrum license in November 2022. The operator launched its 5G network in March 2024.

Established in 2019, Agro Bank focuses on advancing Somalia’s agricultural sector. MyBank, founded in 2018, aims to address the substantial gap between the demand and supply of financial services in Somalia.

Tags: Agro BankHormuud TelecomMyBank
Ibukunoluwa Bankole

Ibukunoluwa Bankole

Ibukun Bankole is a seasoned multimedia journalist, digital literacy advocate, and media consultant with over a decade of experience across radio, tv, digital media, voice-over artistry, and events hosting. She reports on Africa’s digital transformation, exploring how digital innovations shape communication, behavior, and everyday life. Passionate about a sustainable Africa, she leads storytelling and strategic campaigns that drive inclusive youth empowerment, digital inclusion, and environmental sustainability. Through her bold, values-driven content, Ibukun shapes narratives that inform, shift mindsets, and spark real change across Africa and beyond.

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business
  • Home
  • About
  • Contact Us
  • Advert Rate
  • Terms & Conditions
  • Privacy Policy
  • SiteMap

© 2025 Techpression

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.