Payment methods in Somalia

Africa

3methods

1bank

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

Market takeaways

Over 89% of Somalis use mobile money, one of the highest rates globally for a country with almost no formal banking.
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.
Only ~8.8% of Somalis have access to formal banking services.
Remittances are a critical economic lifeline, with hawala and digital channels facilitating large cross-border flows.

Population

~18M

Online population

~5M

Banked population

~8.8%

Mobile Money Penetration

~89% of adults (usage)

Credit card population

~1%

Payment method breakdown

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

Card scheme breakdown

Visa60%
Mastercard35%
Other5%
Local Schemes0%

Cross-border e-commerce

Market data coming soon.

Featured payment methods in Somalia

Popular options based on coverage and prominence in this market.

eDahab

eDahab is the mobile money arm of Dahabshiil, Africa's largest money transfer company. It operates across all of Somalia, providing P2P transfers, airtime top-up, and integration with Dahabshiil's international remittance network.

Somalia National Instant Payment System (SIPS)

SIPS launched in 2025, built on BPC's SmartVista platform, provides a real-time national payment infrastructure. It introduced the SOMQR standard for QR code payments, enabling interoperability across mobile money and banking platforms.

EVC Plus (Hormuud Telecom)

EVC Plus is Somalia's dominant mobile money platform, launched by Hormuud Telecom and holding 67% of the market. It processes millions of transactions daily, averaging over US$2.7 billion in monthly volumes. In 2024, Hormuud launched interoperability with Somali banks, enabling mobile-to-bank transfers. In 2025, EVC Plus was re-certified by GSMA for secure mobile money.