EVC-Plus: Financial Inclusion in Somalia

Hormuud Telecom, founded in 2002, is the leading telecommunication provider based in Mogadishu, Somalia. It successfully is Somalia's first private enterprise to be internationally ISO certified. After the government collapse, Hormuud has contributed significantly to the community growth and development where around 70% of the population is currently connected to a telephone network. Hormuud seeks to promote financial inclusion and drive economic empowerment. As a result, it received Somalia’s first-ever mobile money license through EVC-Plus.

EVC Plus is the prime mobile money wallet in Somalia, used for transferring and receiving money.  You can share money, as well as airtime, between your friends and family. EVC Plus is a secure way to move money. You can do it without having to visit a bank or handle cash. Businesses across Somalia use EVC Plus, so it is easy to pay when you go shopping, both online and in store. It definitely plays a crucial role in the country’s progress.

After the Somali government collapse, the only currency note available in Somalia is the 1,000 shilling with the exception that Somaliland still uses 500-shilling banknote. Smaller shilling denominations like the 200, 100, 50, and so on have been unused as a result of the civil war. According to ‘Quarts’ website, 98% of the old notes are considered counterfeit by the International Monetary Fund (IMF). To avoid carrying too much money, almost every person here in Somalia uses EVC-Plus service.

                                       Ahmed Sheikh

Streamlining life with mobile money, EVC Plus payments are really quick - within seconds - and easy and convenient to use. Furthermore, it is free of charge with no limited number of transactions. In other words, you can securely send and receive money anywhere in Somalia without paying any commission. People use it to buy from shops, pay bills, buy airtime recharge, and recharge your internet balance, all from a cellphone with EVC-Plus.

Ahmed Sheikh, 31 years old, is a petroleum engineering teacher at Somaville University. Explaining his experience with EVC-Plus at the time of starting some English classes in 2021, he mentioned that he could make use of Hormuud mobile wallet instead of collecting unvalued worn Somali shillling banknotes. “In fact, I took the advantage of EVC by receiving the registration and tuition fees from the students, purchasing the necessary tools and equipment for the English program, printing the curriculum, and paying the teachers’ salaries. Unusually, all of these were done without touching a single shilling. It was conveniently fulfilled using my mobile with no need to carrying hundreds of thousands of shillings - if not millions.” He added. Moreover, Ahmed said that with EVC-Plus, he always remits some money to support his family in Kenya. Surprisingly, he does it from home, work, or any other place in the country without going to any transfer agency. He only contacts the transfer agent, gives the necessary details of the sender and receiver, and sends the money via EVC-plus.