Rapid Communications recently acquired 16% shareholding in Nationlink Telecom, a GSM operator, along with the license for banking services. This has enabled the launch of virtual banking services in Somalia.
The service will allow the mass market in Somalia to access various banking products virtually through the mobile phone. Rapid communications currently manages the content management system (CMS) platform for Nationlink telecom.
With this new opportunity, Rapid Communications hopes to take advantage of Somali remittance business estimated to be over $2 billion annually.
The service will run on the back of E-mal mobile wallet solution currently deployed in Somalia.
Speaking after the deal signing, Rapid Communications Chief Executive Officer, Mr. Anwar Hussein, said Rapid Intends to tap into its network of over 5000 outlets in Europe, Middle East and the US offering diaspora market remitance and banking products.
“With the success of mobile banking in Kenya, Rapid Communications hopes to replicate the same services to the masses in Somaliaâ€. Said Mr. Anwar
The deal will see Somalia benefit from expertise of mobile banking and remittances solutions already successful in Kenya.