Regulator(?) bans mobile banking in Somalia


Posted on October 19, 2010  /  0 Comments

Somalia lacks an effective government for nearly twenty years. There is, however, no short supply of regulator. The rebel group “al-Shabab” has banned mobile money transfer service called ‘Zaad’, according to Reuters. This “decree” is effective from coming New Year’s eve, said TeleGeography. The al-Shabab management considers mobile money transfer a threat to the economy. Zaad allows customers to use their mobile handsets to transfer money, make purchases, pay bills and recharge airtime. Recently it merged with Qaran Express. The service is quite popular in Somalia. But regulation not necessarily accommodates popular demand. And it has been proved again in Somalia!

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