Hormuud Telecom strengthened its EVC Plus mobile money platform by making it interoperable with MyBank and Agro Bank, with plans to onboard more banks in 2025.
Responding to questions from Developing Telecoms, Hormuud described this deal as the first of many towards achieving full interoperability between financial platforms and institutions in Somalia.
“For full interoperability, we need to ensure that every mobile money platform and banking system allows for seamless transactions,” a company spokesperson said.
The partnerships represent a “critical step” in building trust between citizens and financial institutions, promoting financial stability. Somalia, having suffered decades of civil war that decimated its economy, saw a rise in mistrust toward institutions.
EVC Plus customers will now be able to perform banking functions with MyBank and Agro Bank directly from their mobile devices.
The Somalian Central Bank launched the National Payment System in 2021, laying the necessary groundwork for integration between banks and mobile money providers.
According to the Central Bank, 70% of Somalians use mobile money, while only 15% have a traditional bank account. Hormuud reports that around 90% of Somalis now use mobile money platforms.
Hormuud Telecom is also working with the GSMA to extend its mobile services to remote areas in Somalia, connecting the last segment of unbanked Somalis.
Hormuud Telecom CEO Ahmed Yusef (pictured) stated that making EVC Plus compatible with formal banking services enhances financial inclusion. “Small businesses can access credit, aid beneficiaries can build financial histories, and cross-border transactions become easier for everyone. This is a significant step toward a fully interconnected financial system in Somalia,” Yusef said.
Hormuud Telecom currently has four million customers on its EVC Plus mobile money platform.
