Somalia

SO · SOM · 706AfricaSOS Sh17 methods

4 sources

Over 89% of Somalis use mobile money, one of the highest rates globally for a country with almost no formal banking.

~5M

online population

~8.8%

banked adults

~1%

credit card population

Mix Methods Behaviour Sources Facts

Payment mix

share of e-commerce spend

CategoryShare

Mobile Money70%
Cash (USD)22%
Remittance / Hawala6%
Card1%
Other1%

Methods in use

top 8 of 17

MethodType

All 17 methods in Somalia →

Checkout behaviour

EVC Plus (Hormuud Telecom) holds 67% adoption, processing ~US$8 billion annually (650+ million transactions).

Somalia launched its first National Instant Payment System (SIPS) in 2025, with SOMQR standardised QR payments.

Facts

ISO 3166: SO · SOM · 706
Region: Africa
Population: ~18M
Currency: SOS Sh
Banked adults: ~8.8%
Methods live: 17

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Sources

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