Firm to launch Virtual Banking Services in Somalia

September 18, 2014
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The service will allow the market in Somalia to access various banking products virtually through the mobile phone/XINHUA-File
The service will allow the market in Somalia to access various banking products virtually through the mobile phone/XINHUA-File
NAIROBI, Kenya, Sep 18 – Rapid Communications Limited, a fully owned Kenyan company recently acquired 16 percent 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 market in Somalia to access various banking products virtually through the mobile phone. Rapid Communications Limited currently manages the content management system (CMS) platform for Nationlink telecom.

With this new opportunity, Rapid Communications Ltd 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 Ltd Chief Executive Officer, Anwar Hussein, said Rapid intends to tap into its network of over 5,000 outlets in Europe, Middle East and the US offering Diaspora market remittance and banking products.

“With the success of mobile banking in Kenya, Rapid Communications hopes to replicate the same services to the masses in Somalia,” Said Anwar
The deal will see Somalia benefit from expertise of mobile banking and remittances solutions already successful in Kenya.

“We are using Kenya as a success case study on mobile banking, to implement the same in the ready Somalia market. We are relying on Rapid to make mobile banking a success in Somalia” said Ido, The President/CEO of Nationlink Somalia.

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