Somalia changed the face of money transfers worldwide ...Middle East

Quartz - Economy
Somalia changed the face of money transfers worldwide
Somalia’s money transfer market is one of the most developed in the world, characterized by a large diaspora sending billions of dollars home in remittances each year and a local population that prefers mobile money to cash.Latest data from the World Bank in 2017 suggests that 73% of the population above the age of 16 use mobile money services—making Somalia one of the most dynamic markets in Africa and worldwide.Despite only being introduced 10 years ago, over two thirds of all payments in Somalia now rely on mobile money platforms.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.

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