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.
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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.
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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.