Mobile banking is creating a nascent financial system. The number of monthly mobile money transactions made in Somalia now exceeds that of Kenya, a regional pioneer in the sector.
Despite efforts to bring service providers within the oversight of the Central Bank of Somalia, risks include little regulation and limited revenue collected.
Overall economic growth is being driven by higher private consumption, and strong activity in the telecommunications and financial services sectors.
New Country Views
Relying on strategic location as debt mounts
What are the reasons behind the IMF's growth projection revisions for Oman and why is the Arabia Monitor view more optimistic?
What alternatives does the government have to ease fiscal pressure in the short and long term?
How is the sultanate balancing its regional and international alliances, especially with Iran and the US, through its strategic port of Duqm?
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