Hormuud, Somalia’s largest telecommunications company, has announced the launch of WAAFI, the country’s first native mobile money app.
For the first time, the fintech app WAAFI gives Somalis access to a variety of digital resources on a single platform.
Consumers can use the WAAFI app to access their bank accounts, conduct online transactions, send foreign remittances, and make international and domestic phone calls.
WAAFI offers a fully optimized mobile money experience that upgrades many Somalis’ existing USSD technology.
Hormuud continues to expand its high-speed digital infrastructure across Somalia with the launch of the app.
Hormuud hopes to replicate the success of mobile apps in neighboring countries by introducing WAAFI. Hormuud also hopes that by removing inefficiencies during transactions, the app can allow new business models in Somalia.
WAAFI also allows citizens to make in-country bank transfers using their phones, which is a first in Somalia. This helps Somalia achieve its goal of becoming a fully cashless economy while also combating fraud.
“Somalia is a one-of-a-kind example of a country where digital adoption is widespread across all age groups and demographics,” said Ahmed Mohammed Yuusuf, Hormuud’s CEO and chairman.
“We are continuing to see progress toward a place where Somalia can claim to be the world’s first fully cashless economy, and the implementation of WAAFI is a critical step in that direction.”
Hormuud Telecom received the first mobile money license from the Central Bank of Somalia in February 2021, indicating that its mobile money network EVC Plus is now officially controlled and authorised by the Central Bank.
WAAFI helps users to deposit and withdraw money from their bank accounts using their EVC Plus wallet. Businesses may use this to create ‘QR codes,’ which enable customers to deposit funds directly into their bank accounts.